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Essay text:
Then I want a moat around that castle.” [1]
For a business to succeed, it must have both a strategy and an enduring competitive advantage over its competitors. Most businesses fail in their first year, and only a small percentage are still around in five years, because they offer nothing to the marketplace that a competitor does not offer already. If a business does not have a competitive advantage or some type of “moat” around it, there is a very low chance that it will still be around in the years to come.
A Look Back
Do any of these companies–Midvale Steel & Ordnance, International Mercantile Marine, or Cambria Steel–ring a bell? I didn’t think so...
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