I think the social media platform thats geared towards personal use is Facebook. Simply because you can post a lot of information about you such as, pictures, interests, location, education level, profession etc. As a veteran I had to create a Facebook account to connect with other Veterans to help each other with Job searching, availabilities, Interviewing techniques and just simply what certain government jobs are looking for on your resume. So we connect and share informations to help each other out. I have seen that you can sell items by posting ads on Facebook which is easier than setting up a garage sale and waiting all day for someone to stop by and look at the items you are selling.
As far as business is concerned, Facebook does work for some people. One of my good friends we served in the military together started a food truck. He posted ads on Facebook and it grabbed a lot of attention from customers due to good reviews and comments he was receiving based on customers experiences with his food truck. He started with one truck and now he has three more with a much bigger audience or customer group who loves his food. So I believe utilizing Facebook worked very well for his business. Everybody has Facebook nowadays. Friends can tag their friends to check out a certain restaurant or in this case food truck whenever they get a chance. This is how business can benefit from Social Media.
On the flip side, if your performance is not going well and the customers do not like it. You will get negative feedbacks and most likely ruins your business as well. Its a double edge sword so to speak! Also, the wording and how you advertise is very important! You have to sell yourself in a way that pretty much says that there is nobody out there that can compete with you. So a lot of research has to be done on your competitors and you have to finalize a plan that will elevate you above your competitors prior to posting an ad on social media.