Definitely. For example, if you targeted "money making" or "employment", those topics are so heavily saturated, it would be difficult to get a top ranking in the major search engines. But say you like "bike riding" and you want to build a site on that, sure it's not searched for as much as some of the popular keywords BUT you'd have a much better chance of getting some traffic because it's less competitive.
Also keep in mind that when you choose a topic, it's a cumulative effect of all your pages. For example I targeted "flat stomach" for my SBI! site but I get traffic from over 10,000 different keyword phrases each month because of my additional pages.
So let's say you target "bike riding", you would continue to build pages that are related to the main topic (dirt bikes, road bikes, bike helmets) so you'll begin to draw in traffic to these pages too.
I say that because many people get so concerned about how they are going to get traffic with their main keyword phrase, but you have to remember once you start building your site you won't just be relying on that one keyword. You will get found for tons of related phrases when you start adding more related content.
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