Tan, Lance David S.

2022-03894
College of Business Administration
Business Administration and Accountancy
Kas 1 THW5

As a business student who regularly comes across financial data, statistics, and headlines,
it is crucial to remember the history of this knowledge in order to judge its applicability in the
present. According to Agoncillo, in order to understand historical events properly, one must pay
particular attention to the historical facts and engage in laborious research so that the historian
may determine whether the information can be integrated with other data. In connection to this,
the aforementioned phrase certainly helps business students identify the historical data that can
match the present data needed for their businesses. In general, historical data can improve the
business in several aspects such as (1) Expanding business knowledge, (2) Enhancing customer
engagement, (3) Elevating customer service, (4) Eradicating potential risks, and (5) Engaging in
new ventures. First and foremost, historical data can benefit the company’s knowledge by
revealing past tendencies that can be applied to the present. Analysts can use previous data to
take advantage of possible patterns that might emerge. As a result, firms would be able to gain a
thorough grasp of their companies and operations due to information availability. Second,
consumer tendencies can be seen in historical data, which can then be used to drive the
development of advertising campaigns that will draw in more customers. Companies would also
be able to enhance their products if they knew what their customers liked and disliked. Third,
historical data can improve customer service since it enables companies to comprehend or learn
more about the past interactions that customers have had with their products or services. As a
result, this can enable the customer service team to solve client problems and concerns. Fourth,
using past data may help mitigate dangers. It is possible to arm the company with policies that
can help to mitigate or combat potential dangers using previous data. Finally, we may explore
new areas that will help the business increase its sales and productivity by taking advantage of
the numerous benefits of historical data that have already been highlighted. With this
information, we can assist the business to grow to its maximum potential.

In my opinion, the colonial mentality is yet another important topic that requires
discussion. I also think that the formation of this concept was influenced by how the Philippines
were repeatedly assaulted. As a result, we can see how this way of thinking has affected business
throughout history. The colonial mentality, commonly referred to as colonialism, is one of the
numerous obstacles that the Philippines must overcome. It is the belief that the customs or
cultures of the conquerors are superior to one's own. It also refers to the perception that one's
own group is inferior as a result of colonizers. As a result, the majority of Filipinos would imitate
foreign-made goods or would choose imported goods and services over local ones. Thus, this can
have a detrimental effect on the Philippine economy.

In a lecture I attended, Professor Winsie Monsod allegedly joked that she would haunt
any of her students who chose to leave the country and not contribute to its development.
Initially, I sort of ignored what she said because it was not of any significance to me, but after
rereading the lectures and considering our past, I realized that I cannot ignore this issue. Given
how the colonial attitude has impacted our economy and the business world, I think it is an
extremely important issue that has to be addressed. First, colonialism had an impact on the
Filipino mentality. Most Filipinos, if not all, prefer to travel overseas because they think doing so
will make them richer and open them more chances. This is how the colonial mentality affected
the Filipinos; as people grew more attracted to foreign nations, they began to favor imported
goods over those made locally. Due to the increased demand for imported goods, it is more
expensive to import them than to produce them domestically. Another consideration is that local
businesses would experience declining demand as a result of the increased need for imported
goods, which would eventually lead to bankruptcy.

To sum up, the history of the Philippines, or kasaysayan, has always played a significant
role in the business world's quick growth and evolution. Historical elements like colonialism and
historical interpretation have always aided in company evolution in whatever manner
imaginable. Therefore, I think that in order to properly realize one's potential, it is always crucial
to be aware of one's past.