There is no little enemy.
Franklin warns against assuming that an enemy is harmless simply because they appear weak, unimportant or lacking in influence. Even a person with limited power may still be capable of causing inconvenience, damage or unexpected difficulty. The saying therefore treats underestimation as a failure of judgement rather than as evidence of confidence.
The maxim should not be read as an argument for treating every disagreement as a serious threat. Its broader point is about prudence: risks should be judged by what they can actually do, not only by how insignificant they initially appear. Small grievances, overlooked opponents or minor vulnerabilities can become more consequential when ignored. Franklin’s advice is therefore to remain attentive and measured rather than complacent when dealing with opposition.