What is "to know one's own limitations"

Limitation \Lim`i*ta"tion\ (-t[=a]"sh[u^]n), n. [L. limitatio: cf. F. limitation. See Limit, v. t.]

1. The act of limiting; the state or condition of being limited; as, the limitation of his authority was approved by the council.

   They had no right to mistake the limitation . . . of their own faculties, for an inherent limitation of the possible modes of existence in the universe.
   --J. S. Mill.

2. That which limits; a restriction; a qualification; a restraining condition, defining circumstance, or qualifying conception; as, limitations of thought.

   The cause of error is ignorance what restraints and limitations all principles have in regard of the matter whereunto they are applicable.
   --Hooker.

3. A certain precinct within which friars were allowed to beg, or exercise their functions; also, the time during which they were permitted to exercise their functions in such a district.
   --Chaucer. Latimer.

4. A limited time within or during which something is to be done.

   You have stood your limitation, and the tribunes Endue you with the people's voice.
   --Shak.

5. (Law)

   1. A certain period limited by statute after which the claimant shall not enforce his claims by suit.

   2. A settling of an estate or property by specific rules.

   3. A restriction of power; as, a constitutional limitation.
      --Wharton. Bouvier.

      To know one's own limitations, to know the reach and limits of one's abilities.
      --A. R. Wallace.