Be consumed in chimney erected for tycoon (5)
'tycoon' is the definition.
(I've seen this before)
'be consumed in chimney erected' is the wordplay.
'be' becomes 'go' (going is a kind of being).
'consumed in' indicates putting letters inside.
'chimney' becomes 'lum' (I've seen this in other clues).
'erected' shows that the letters should be reversed in order.
'go' put into 'lum' is 'lugom'.
'lugom' back-to-front is 'MOGUL'.
'for' acts as a link.
(Other definitions for mogul that I've seen before include "Bashaw", "Powerful businessman", "bigwig", "Important person; snow mound on a ski slope", "big shot".)