。
Those who hesitate fail.
Literal
Hesitating person [topic-は] fail.
An even more compressed aphorism. 躊躇う (ためらう) is the native-reading verb form, while 躊躇する (ちゅうちょする) is the formal sino-Japanese version — same meaning, different register. The gerund-style 'the one who hesitates' uses the dictionary-form verb as a relative clause modifying もの ('person, one'). The statement format is characteristic of proverbs and maxims.