It's possible in the short-term. Competition grows on the internet like wildfire due to the massive provision of information. If someone with enough financial muscle discovers a niche market and exploits it rapidly in the short-term with a price skimming tactic, abnormal profits are certainly possible, but as is expected, someone with larger financial muscle will find out quickly and move in to supress that profit and a price war occurs and finally, the entrepreneur has a much reduced profit.
So in short, in the short-term, yes, long-term, takes hard work.
Still very possible. There are so many niches out there in which to make money. You just need to have the right approach and not try and take on PR9 sites directly but to compete in relatively narrow categories.
I guess it depends on what you mean by rich...but even with that there are still lots of opportunities.
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You have to work at it, just like everything else...but it is possible. You can't just put up a website and expect to become rich. You need to have a plan and a goal and continuously work at it everyday to reach them.
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Running a business on the internet the right way, can make you a lot of money. Too many people think they can put up a web site, market it on google adwords, and run google adsense on the site and they'll be rich. If you actually right up a business plan and stick to it, do analyzations of the market, and check its feasibility, you can become as successful as any other business. If you want to make a lot of money, you need to put in a lot of time, it must become your 8 hour job each day. Not some 1 hour each night when you get home from work
Innovation. Find out what people want, exploit it properly, and you are set. If you create enough customer loyalty, very few, if any, will leave you. It is all about keeping it secret until it is released, and release it with perfection. Design, navigation, customer loyalty, and an original product or service creates success.
Another key to success for the internet is recurring billing. Whether you do it monthly, quarterly, semi-annually, or annually, you must offer a recurring billing solution. That way you keep revenue streams, even years from now. Plus this looks better for investors/banks.
It is in no way what it used to be, but still the market is hot. If you are talking about internet services only, then it might be VERY VERY hard, but if you advertising and selling off the itnernet and offer a physical product, then its really easy to get fame if you have the right idea (s).