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The great thing about creating the small sites is that it's like mining for gold (or perhaps bronze). Once you've created 20 you'll see which ones are doing well with little effort.
The thing I like about a big site is if you can make it into a brand; if you create a brand that's well known around the world then it's a clear winner.
If I was starting I'd first of all do the mining with the small sites, then once I found a great converting niche I'd build up a brand/big site within it
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