How to Build Your Competitive Moat What sets you apart from everyone else? Sure, you're smart and talented but that won't make you stand out from the crowd.

When describing what separates a business from its competition, Warren Buffet liked to refer to what he called the "economic moat" and said:

"The key...is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage."

Buffet refers to the moat in terms of investments, but it also applies to entrepreneurs themselves. Just as successful businesses have competitive advantages, we all have individual traits that give us an edge over others in our industry. In order to make your moat as wide as possible, it helps to know exactly what resources you already have so you can make the most of them. (Spoiler: Being talented isn't on the list.)