I started my own business in China. It began with consulting then morphed into education and training then morphed into a school.
If you want to increase your risk of success and lower the risk of failure, I would definitely focus on the low investment strategy.
In the middle of my success, I decided to "go big". Rented a larger building, hired a larger staff, bought into a franchise for marketing the school, and after two difficult years, losing money, sold it.
Luckily, my wife and I had seriously considered how much we could afford to lose and our investment was capped at that. Once we hit that we actively sought to sell out and minimize the loss.
Having an 'exit strategy' for a business is a must. Otherwise it can drag you down a rabbit hole consuming your time, money, sanity, or worst of all, health.
My low investment high return school is now blossoming while I spend less time and less money keeping it rolling. At first I spent long hours personally handling everything, but slowly have replaced myself and my wife's involvement more and more, so we have more freedom, but continue to collect profit from the school.
Also, another side business is bringing kids to the USA during the summer. We collect all the money up front so there is little risk.
Scale is another important issue. For my business, it is limited by scale, but now I am spending time on writing text books and looking into publishing them as a second revenue source, using the school as the testing ground for the materials.
My advice, start small, limit the risk by limiting investment and commitments.
Have an exit strategy if things take a bad turn.
Look to leverage connections or build offshoots.
Make sure you are having fun doing it. When the fun stops, pull the plug.