What are the basics of a home business?

What are the basics of a home business? I have read much about work at home businesses, and this is what I learned; Say I join CJ, I find an affiliate offer I like. I then build a blog about it, get it ranked up, add their links etc. Is that the basic concept? That's just the guidelines I have understood. Is there something more that I should learn about this before I begin with? Please help.

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