Being an entrepreneur is exciting. They create a product and start selling. Sometimes they are very successful in the beginning and then fail in the end. There are three major reasons why they fail and this includes lack of diversification, business knowledge, and enthusiasm.
Diversification: Having one great product that sells is fantastic but eventually you will need to include additional products if you want to keep selling. One hit wonders almost always lose consumer interest at some point.
Business Knowledge: You have to be a little glossy eyed to be an entrepreneur. Most enter without knowing much about how to actually run a business. Some pick it up as they go while others get lost in the process.
Enthusiasm: When you first start you are very enthusiastic but eventually doing the same thing everyday can wear on you. You will need to find ways to keep the enthusiasm going if you want to be successful.