refers to the upgrade or the increase in quality of something or someone. Other synonyms of enhancement are improvement, magnification, amplification, enrichment, or upgrade.
There’s no limit to how good something can get, no matter the state it's in at the moment (hence the saying, the sky is the limit). Anything or anyone can be improved, no matter how good it or they may seem to be at the moment. When someone works on themselves in terms of both physical and mental wellness, the more they increase their personal merit. The process that someone undergoes to increase their value is called enhancement.
In the field of business, enhancement could refer to the appreciation of the value of an asset. It could also refer to an increase in the net worth of a company after the accumulation of its profits over a certain period of time. In both cases, the value has significantly increased. This signifies the improvement of the quality of the subjects and shows they have undergone enhancement.
There can also be enhancements done on products to make their general value increase. A good example is the motor vehicle industry; as time goes on, they produce new car designs and newer versions of existing models of cars. More often than not, the newer models have better quality functions, including workability, general appearance, and efficiency. Because these newer models are an improvement on the older models and increase the total worth of the vehicle, they can be termed as an enhancement.
Example of Enhancement
Let’s say that you have saved up some money over a period of time, and you would like to acquire an asset that could bring you profits in the future. In search of good property to invest in, you stumble upon a business that deals with sales of antiques, and its owner wants to sell it since he finds it to be more of a liability than an asset. Your property experts advise you to acquire the shop and improve it in ways that could make its total value increase. You therefore complete the payment, finish all the necessary legal processes, and the owner alienates the property to you.
You decide to resign from your previous job and personally run the antique shop so that you can get the best out of it. With time you assemble a small staff who assist you in the operations of the business, including a secretary, a custodian for the store, two attendants, a cashier, and a security guard. The next step is now to increase the value of the shop, for which you have prepared a plan. You obtain high-value works of art together with artifacts whose values are expected to increase as time goes by, and you also prepare a marketing strategy for your goods.
After a few years of good business, you have loyal customers who mainly range from the upper-middle class to the high class who want to decorate their homes or property. The value of the artifacts which you acquired a few years back has greatly appreciated, and they are now worth double the price you acquired them for. This in turn increases the value of your antique store on top of the increase in demand for your items. The work you put in to improve the quality of your store has finally paid off, and the improvements upon the store can be called an enhancement.
Significance of Enhancement
Enhancement is the general upgrade of the value of an asset in a business. However, it does not always have to refer to the increase in value. It could also refer to an increase in the quality of services or to an increase in the quality of the products that a business offers.
Enhancement in law could also refer to the amendments of some bills that might previously have been defective. If a bill is somehow discriminative of a certain group of people, it can be changed to better the existing defective bills. Clearly, the term "enhancement" could refer to many various fields, not only business.
The idea of enhancement always leaves room for improvement, no matter what level something or someone is at. This should motivate you to push beyond your limits to improve whatever you are working on, despite where you are at the moment. With work and determination, you will gradually upgrade your status in whatever career path you take. The enhancement process might seem slow and insignificant in the beginning, but it will definitely make a difference later in your life.