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Yes Online Business too.You have to work hard in ANY Business.What’s the risk?I don’t see the risk if your sites are legit.
Risk of not earning money after lot hard work or not getting hits or luck the same way normal business. You paid domain, hosting, hardware, software (if not pirated, lolzz) and lot of your time specially initial stage and subsequnt update time. There must be many website who is not earning well due to any reason. That is risk of money and time, and time is also money.