Entrepreneurial failure is a multifactorial phenomenon, influenced by internal and external factors, such as management skills, entrepreneurial experience, and the stakeholders’ characteristics. Young firms are more vulnerable due to their lack of solid structures and financial resources. In addition, external factors such as competition, economic conditions, geographical location, and political context also play a significant role in business survival. A holistic approach considering both types of factors is crucial to understand better and prevent entrepreneurial failure, especially for SMEs. This narrative review will present the multiple determinants of SME failure, starting by decorticating endogenous and then exogenous factors.