You need to have a lot of experience!
The absolute key is to get many contacts first before you step into a business.
Forget all the empty promises of quick rich schemes.
The best advice I can give you:
Never step into any business before you have enough contacts in your personal contact database.
Work hard to get about 1000 contacts first! THEN and then only step into a business of your choice.
Otherwise you will loose time and a lot of money! You will run out of money before you earn a single cent!
The answers above should be helpful to you. There is no magic except very hard work and common sense. Virtually all the promises of large profits, quick money and magic results are nonsense. They only benefit the organizers or founders of the schemes.
Develop a good business plan and stick to it. social networking can be interesting and fun if you have the time. We use it as an adjunct to what we do. We have at times gotten surprising results just by giving friendly advise based on experience.
Like the others...the answer is yes and no. What's your market and what's the idea. I've seen success in overcrowded online markets and emerging. Money can be made. I would say as the rest, stay away from the get rich scammers out there.
Start by going on line and searching out key words for your area of interest. This will pull up sites and products that may be your competition. Evaluate your idea against what is currenlty offered. Is your idea differnt enough to get attention. Or is your marketing spin better.
I agree with Bill Covert "lots of money" is a relative term. A better approach would be to pursue that which you love to the point like Alex says you have 1000's of contacts. Because if you follow your passion the money will show up and it will be something you want to do regardless. Following you passion will also show in the work you put into you online endeavor. If it's something you Love you can spend all day doing it, but if it's not, well you get the picture...
Hope this helps,