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While several recent studies have dealt with the failure of SMEs, most of them have focused on financial tools which only consider the consequences and not the causes of the failure. Furthermore, few studies have taken into account factors directly linked to leaders. This study aims to examine crucial psycho-sociological characteristics of leaders that influence the failure of SMEs in Cameroon. The qualitative methodological approach made it possible to survey fifteen leaders of Cameroonian SMEs. The analyzes carried out show that the failure of SMEs is mainly explained by the psychological traits of their leaders, in particular their lack of motivation and determination to succeed, their dissatisfaction following the non-fulfillment of their expectations and aspirations, as well as their loss of self-confidence; but also sociological characteristics of leaders such as age, level of education, sex, family, religion, etc.