what does the fallacies of our excuses for not succeeding and education (or success) is the consequence of the company that we keep mean in a much more simple explanation.
fallacy =
n. - A false notion.
n. - A statement or an argument based on a false or invalid inference.
n. - Incorrectness of reasoning or belief; erroneousness.
More at Wordnik from The American Heritage® Dictionary of the English Language, 5th Edition.
excuse =
transitive verb - To make allowance for; overlook or forgive.
More at Wordnik from The American Heritage® Dictionary of the English Language, 5th Edition.
"the company we keep" = the people we hang around with/spend most of our time with
———————————
Please rephrase the original and someone may check your work.