What’s in a Name – Fantasy Worldbuilding Basics Part I

“What’s in a name?”  When Shakespeare penned that infamous question so many centuries ago, he was speaking of the idea that the essence of an object or person remains the same regardless of what it is called.  Indeed, the rose that Juliet spoke of during her not-so-secret ponderings on the nature of Romeo has many names—a different one in each human language—yet they all refer to the same flower.  So what does this mean for us as writers or in terms of worldbuilding in general?