There are lots of ideas around that can be converted into million dollar businesses. Bebo was started by a Michael Birch who sat down and developed it himself so did Markus Frind (plentyoffish.com).
I believe it is possible as I have set the same goal myself. I'll have to improve my skills, keep my eyes and ears open, listen, keep abreast of trends and most importantly
take action and don't be afraid to fail 