Ranking #1 on Google is certainly an enticing thought and it is possible when you start with some simple research and have web site structure that conforms with Google’s Webmaster Guidelines. You also need to be patient. Keyword research can be complex but it is also as simple as doing some searches and taking careful note of the competition and the suggested searches. Building links, developing social media networks, and earning media will get you there over time as long as you don’t get cute or impatient and try to break the rules.
The real pitfalls are when your site can’t convert visitors. It doesn’t matter where you rank if you can’t get customers.