As an entrepreneur, it can be tempting to launch a business in the biggest market imaginable. After all, even a small sliver of a giant pie is bigger than a large slice of a tiny pie, right?
Well, sometimes there are serious business advantages to being a big fish in a small pond, says Marcus Lemonis, the star of CNBC's "The Profit."
Lemonis, a self-made millionaire and serial entrepreneur, got this advice from auto exec Lee Iacocca in the early 2000s. He was working in the car business when Iacocca, a family friend, suggested he go after a smaller market.