I think the most critical success factor is to think how to increase your website's visitors (traffic) . With good traffic, although the CPC is low, but you still can earn good income; with good traffic, you can have the bargain power when you want to sell it to other people; with good traffic, you can earn more by participate various affiliates programs from clickbank or regnow and sell the products/services in your website.
However, for those who still rely adsense as the main income, how to prevent adsense to be banned is a-must-learn lesson. hope my post (in my signature) can help 
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