I am new to this site and am not sure

Its just bad timing, and there is nothing you can do - the exchange rate is what it is.   As an Italian there is nothing you can do,  they are all in the same boat.! 

Yes, a business investment of 350,000 euro will cost you about $500,000.  The good news is that the euro is trending down against the dollar; so things may improve a bit more.  Also, the economy in Italy is at or near recession levels again.  This may open some good opportunities to find businesses at bargain prices.  I will be buying a home in Italy soon and I see that prices are falling and/or prices are more negotiable.  Like you, I will pay in cash (no mortgage) and I would expect that this will increase our bargaining position.  In the final analysis I am getting no younger and whatever price I end up spending will be worth the effort to get to Bel Paese.  Buona fortuna!