Having a greater appreciation for the core concept of “appreciation” can make a world of difference in the business world—and within our lives in general. When we truly appreciate something or someone, it helps to generate an atmosphere of understanding without judgment.
To many of us, the word “appreciation” carries connotations of admiration, respect, acknowledgement and gratitude. In the legal sense, appreciating something or someone can manifest in various forms, from intellectual property law to trusts and estates. It’s important to understand the full meaning of the word, and how it applies to various areas of the law.
Appreciating Intellectual Property
The concept of appreciation is frequently discussed within the realm of intellectual property—primarily in terms of apprising one’s work or the work of another. When an individual creates something unique and creative—such as software, graphics, compositions, stories, inventions, etc.—they can copyright and trademark their work to ensure it’s properly protected.
By understanding and appreciating the value and originality of a particular piece of intellectual property, businesses can proactively protect their own work from potential copyright infringement or other forms of misuse.
Appreciating Financial Interests
The concept of appreciation is also prevalent within the practice of estate planning. In this regard, the act of appreciation means that the value of a financial asset or property increases in worth over time. For those who own trust funds, real estate, stocks, bonds and other assets that generate dividends, returns, profits, etc., appreciation allows the monetary value of these assets to grow and create financial gains.
From a business perspective, it’s important to understand the power of appreciation, and to factor asset appreciation into any financial model or budgeting approach.
Appreciate Your Teammates and Colleagues
At the end of the day, there’s a deeper, non-legal aspect of appreciation that’s important to keep in mind. Whether you’re working with a team of colleagues or within a larger company setting, it’s essential to appreciate others around you and to cultivate an atmosphere of understanding and gratitude. There’s an intent behind the words “appreciate” and “appreciation” that resonates in an undeniable way, for life, business and legal matters alike.
So, take a few moments to appreciate all the hard work of those around you—and to appreciate the greater meaning of the word, too.