"Fish where the fish are"

Almost nobody wakes up every morning and says, you know what? I'd love to start a funeral home. Or, I would like to start a pest control business. Charlie Munger, Warren Buffett's longtime business partner, has this amazing quote, fish where the fish are. You know, if you're a fisherman and you see a large pond, all around the pond, there's a whole bunch of fishermen, and they're all elbowing each other out of the way. They're all using the best lures, the best fishing line. You actually want to walk off into the forest and find a small fishing hole with lots of fish and very little competition. That's probably the most important thing in business, is actually to find those niches where you can actually make real money, because competition equals lower margin.