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My personal opinion is that it is no different than any other business. You need to know how to produce your product or service professionally. It's no different than if you are running a day care, a heating/air conditioning business, or taking photographs. But there is some things that every successful business shares.

The economy is constantly changing, which sooner or later effects every business. This in and of itself is not necessarily an excuse to avoid a business. Some businesses thrive during an economic downturn because they snatch up market share from those who are not competitive/prepared or just doing it for a hobby. Knowing how to carve out your niche can protect you a lot here.

Technology is also constantly changing, which affects every business, not just digital photographers. Just because everyone has a digital camera doesn't mean there isn't a market for the professional. Everyone having access to a digital camera just means there are more ametuer photographers. These don't necessarily translate into more competition for the pro. A pro knows the trade and knows how to use the technology to his/her advantage. This is where knowing your market is important.

And the most important thing every business shares is the ability to successfully "run a business". While a product or service is required to have a business, it's just as important to know how to market it, sell it, pay taxes on it, insure it, etc. Quite honestly, the product or service you offer is only a small part of 'business". You will spend just as much time (or more) "running" a business than producing a product. Knowing how to sell and market your product/service and remain successful doing it is where the meat of it is at. It's why there are some people who can make money in business regardless of what they are selling or providing. They know how to run a business and the product or service is secondary. It's also why many very talented people fail at business. They are really just trying to make money on their hobby and don't focus on running a business.

I personally know a very talented woodworker who failed miserably at business. I also know a very mediocre woodworker who is extremely successful at the same thing. The difference is the mediocre fella focused on running a successful woodworking business while the talented woodworker focused on just woodworking.