The document discusses 5 common reasons why MBA applicants fail the failure essay question. 1) Lacking a clear thesis statement. 2) Not describing a true failure and instead using minor examples. 3) Focusing on external measures of failure rather than personal guilt or shame. 4) Improperly balancing the description of the failure with lessons learned. 5) Having poor essay structure without clear introduction, body, and conclusion. The author urges applicants to be honest about a meaningful failure and lessons learned in order to stand out from other applicants.