Reducing risks - and - Barging in uninvited

[Poby]

Hey all, I posted this in the "Ask an expert" forum but I don't think there's much foot traffic through there and haven't gotten a response yet, so here's a repost:

I have one question about startup businesses in general, and one specific to my idea for a business.

1. I would like to go into the retail business and open my own store. What I have in mind is a headshop for selling glass pipes, hookahs and tobacco (sounds like a pipe-dream, I know But I have a particular location in mind with a totally untapped market with very high demand. And, as we all know, a demand needs a supply!)
When I think about opening a business, the worry of failure of course comes to mind. I'm 19 years old, and the thought of having my life ruined by terrible financial failure before it even really starts is a big concern.
If one were to start a small business (planning on a very small store space and most likely being the only person running it, with maybe another employee if I really needed it), what steps would you take to reduce the risks if the company were to end up a total bust. I assume I'll need a few small investors as well, and would want to keep them happy/protect myself in case things go bad. What's the best way to play it safe!

2. I have a FANTASTIC location in mind for the shop, a college town that loves to party but doesn't have a headshop for hundreds of miles. However I've heard rumor that the governance of the town (mayor, chamber of commerce, police, etc.) is very Christian-value and family oriented. Not that there's anything wrong with that, I love both Christ and families! But I have a feeling that the people that run the town would not love my store, although the almost entirely college-aged inhabitants would I'm sure.
This is a pretty general question but if I wanted to open a store in the town, and the "town" doesn't want my store, what steps could/would they take to make sure I don't do it, and what are my options for that situation? Could I be outright banned from doing it? Supposedly big name stores like Wal-Mart and Target have tried to get into the town and been pushed away, could it easily happen to me as well?

Thanks!