About this episode
Mark and Jesse discuss the idea of "moats" in business, that is, the things which both give your business a competitive edge and also make it difficult to replicate. Too many budding entrepreneurs become enamored with building apps and software tools for their business, thinking that the app is the thing that makes them unique.
Software is very rarely a moat, however, or even unique. It's usually just a tool for aiding the real business, and focusing too much on the tools without executing the business plan is a recipe for failure. Mark and Jesse discuss the moats in their own businesses, and analyze some of the mistakes they've seen other entrepreneurs and business owners make.
Mark Butler, Virtual CFO
YNAB
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