Yesterday, I created a post about which is better, Business or Freelance? And I got some really interesting questions from 
"How can I minimize my risk in starting a new venture?"
To minimize risk in starting a venture, you should only invest any amount of money that you're willing to lose. Like in my post here about starting an online business, I didn't want to spend too much money so I decided to just invest $3.
The mere feeling of "I won't lose too much money" helped me be more resourceful and confident in what I do. I mean, hey, it's three dollars. I knew I can sleep at night even if my venture fails miserably. We won't be focusing on failures here, but success.
"How can I start making an actual living asap?"
Start today.
"How do I minimize the trial and error phase? What do I need to know or where do I get good information/help to start a new venture in my field?"
Learn from other people's mistakes. One of the factors that helped my online businesses grow is that I followed the blogs of people in my field. I did constant searches on "how to create e-learning websites", and read almost all of the articles in the first two pages of Google search results.
Always remember that their formula for success may not fit yours perfectly, so it's best to add some twists of your own.
"How do I market myself e.g. in online business in the cheapest possible ways versus the overwhelming competition?"
Market yourself as a specialist in your field. The cheapest possible way I know has no monetary investment needed but will require time and effort. Join forums, Facebook groups, etc. in your field, and HELP PEOPLE, answer their questions, attend to their concerns. Your main goal should be helping as many people as you can. The profit will come later once you have established yourself as a specialist in your field.
"How do I stick out of the masses?"
Target a niche market. You see, when I started my e-learning marketplace, there are already huge competitors like Udemy. One of the factors that made me stand out is I specialize in courses related to freelancing. I didn't teach how to bake a cake, or how to fix your computer, I taught them what they needed to know about freelancing, that's it.
If you show them that you're offering everything, you are positioning yourself as a jack of all trades, master of none. Though it's good to know a little about everything, but it's better to stick with what you do best.