Complex sentence: From this standpoint what limits one's growth and happiness is only one's narrow minded ego-based self, and the major obstacle to developing ourselves is to pursue a way of life bound by our small ego or self.
Split into simpler sentences: From this standpoint, what limits one's growth and happiness is only one's narrow minded ego-based self. The major obstacle to developing oneself is the pursuit of a way of life bound by one's small ego or self.