Can you create an epic Academy Award winner with a point-and-shoot camera. Probably not, but if you're talented, patient and determined, you can probably create video that is compelling or at least interesting and you may be able to monetize it. If all you have is a point-and-shoot camera, you're first order shouldn't be to film an Academy Award winner.
Some of the most interesting stories I've heard about knowing what you have are the ones where someone starts trading something small and ends up with something big. Using Craigslist, a guy trades a paper clip for a ball point pen, trades the pen for an old baseball, the baseball for chair, etc. He trades, each time increasing the value of the trade and eventually, after hundreds of trades, he has something valuable enough to trade for a house. If this same guy goes down a residential street, finds a for sale sign and asks the owner if they would like to trade the house for a paperclip, he's not going to have any luck, but instead he thinks about how to leverage the paperclip first.
In business and life in general, it's important to understand what you can reasonably do with the resources you have. Talent, finance, geography, time...these are all considerations.
The idea of knowing what you have and proceeding accordingly isn't a dream killer. Instead, it's a practical dream activator.The fact that you only have a point-and-shoot camera doesn't mean you shouldn't focus on winning an Academy Award. That fact just tells you where to start and where not to start.