I know it doesnt happen overnight but is it possible to think I could run a business to the point where I could fire my boss within a year

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Labman Premium
It has happened with some members here. If you are starting from ground zero, it may take a bit longer. You can certainly be adding additional income by then. It all depends on your threshold.

WallaceC Premium
That, my friend, is up to you. If you work hard enough, say daily post, sign up to Google Analytics, Google and Bing Webmaster Tools, generate targeted traffic through such things as FaceBook and Linkedin by setting up "Pages", place several relative good paying ads (and don't forget about ad links within your text), and especially having the right keywords used properly on each page/post (pages get ranked faster!) along with proper SEO, yes it is likely you will be successful within a year, or less.

Now if you're serious and have the time, don't place all your eggs in one basket! Have as many websites as you can properly manage. Start out with one, when all the preliminary work is done, and you're just blogging, and most important; your site is at least on the first page of Google, then start working on your next.

This is just a quick summary but I hope it helps!

Work Hard and Never Quit!