An analysis of factors such as Social, Economic and legal or political will play an important part in making the business successful. A strategy aimed at balancing these three factors will greatly benefit the business. These three factors combined play a great role in the short and long run survival of a business.
Social factors majorly contribute to the success of a business. Acceptance of the community is important to start off. The book store offers educational and intellectual tools at lower rates since it is an used book store. The locals will really appreciate this idea and will have little or no objection as it will be an asset to the community. The social factors are favorable compared to the social factors faced by liquor stores or tobacco shops.
The recent economic factors of Honolulu are not really favorable. Major operations are shutting down and this is reducing jobs and buying power. In a year of eroding economic conditions across the United States–bank failures, government takeover of lending institutions and Congressional bailouts of high-powered firms like AIG, Moloka’i has become the punching bag for Hawaii’s nearly recessionary economy (Lanier 2008). This is what Lanier has to say about the recent shut down of operations of Moloka’I in Honolulu. This type of economy can work in a positive way for used books which is not a luxury item, and people might choose this cheaper option over more expensive new books.
The size of operations indicates that the political factors should not affect the business in a great way. It is still important for the business to consult experts to make sure that all policies are being met, because recent laws suggest that even organization websites have to follow policies. For example according to Shawn Lawton Henry (2005), not complying with accessibility requirements can result in significant legal costs and have negative impact on the organization’s reputation. Therefore it is important to set even the small details according to policies and laws to avoid political and legal difficulties.
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