Succeeding Ferguson, who won 38 trophies during his 26 years in charge at United, is arguably the toughest job in world football, meaning the pressure on Moyes to succeed is high and brings with it a level of scrutiny that he has yet to experience.
The former Everton manager is well aware of the size of the challenge ahead, but is keen to meet it head on.
"There's not one person who would turn around and say: 'Taking over Manchester United, you think you can walk in there and breeze in and think you can do it easily'," he said.
"Of course not. There has to be an element of fear that comes with managing a club like Manchester United.
"It keeps you working, it keeps you focused and helps you try not to take your eye off the ball."
The spectre of Ferguson is likely to loom large around Old Trafford for decades following his achievements in transforming the club's fortunes on and off the pitch.
Moyes, though, insists it is time to move on after the Ferguson era came to an end on the last day of the 2012-13 season after clinching a 13th Premier League title.
"It is my team now," he added.
"I have taken over, I'm in charge.
"As I have said, I will use the ex-manager as much as I can because of his knowledge, but it is my team now and I have to take responsibility for that."
Moyes' first competitive game in charge of United will be the FA Community Shield at Wembley on August 11.
The fixture offers the Scot an instant chance to win his first piece of silverware since guiding Preston North End to the Division Two title in 1999-2000, although Moyes has played down the personal significance should United beat FA Cup holders Wigan Athletic next month.
He continued: "I would have thought that's a trophy that, if Manchester United went on to win, that would be one of Sir Alex Ferguson's, because he got the team there.
"I'm actually hoping to look at the other trophies, that's my target."
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