Speaking partially from experience, I think people just get tired after a while... It's a lot of work to run a startup and a lot of the fun stuff in the beginn

Speaking partially from experience, I think people just get tired after a while... It's a lot of work to run a startup and a lot of the fun stuff in the beginning just gets not-so-fun after a few years. I caught a post on HN a day or so ago about the varying states of "uninformed optimism" and "informed pessimism" (before eventual despair or "informed optimism") and I think that just about perfectly sums it up. My startup of nearly five years just recently turned down a serious acquisition offer in the final stages because the deal wasn't right (unrealistic earn-outs, long-term employment contracts, nasty non-competes, etc.). The only reason we were really considering it in the first place is because we were tired of having to compete on limited resources (we bootstrapped it entirely and have never taken on financing or debt - in hindsight maybe not the best idea). Like anything else, it also helps to have a long-term goal in mind, and having a clear exit strategy from the very beginning is often a great way to set your eyes on some sort of prize. I find few entrepreneurs nowadays who are really looking for a lifestyle business only. Most that I come across are the serial entrepreneur type.