To venerate is to worship, adore, be in awe of. You probably don't venerate your teacher or boss; however, you may act like you do!
The word hasn't come far from its Latin roots in venerari, "to worship." Although you can certainly venerate a deity, a person can deserve it, too. We don't usually venerate our friends: instead, we usually save this feeling for deities or remarkable people who inspire awe. Mother Teresa was venerated for her work with the poor, and Gandhi was venerated for his efforts for peace, but most people aren't venerated for normal stuff like taking out the trash or hanging out on a Saturday.