It doesn’t matter what sector or vertical you’re entering, your startup is going to have to deal with competition. Your business idea should be a game changer in some way, but you’re also going to have competition and for this reason you will need to do a competitor analysis early on in the startup journey.

When you think about a “moat”, you’re going to imagine an impenetrable castle, surrounded by a deep trench of water. That trench is what makes it so hard to successfully attack the castle. In business, the same principle applies—by creating a “moat” around the business, you can protect it from other businesses and threats.