Principles are essential in business because they serve as a guiding framework for decision-making, influencing how a company operates and interacts with its stakeholders. They establish a standard of conduct, helping businesses maintain ethical practices and promoting consistency across all levels of the organization. Furthermore, having clear principles can enhance a company's reputation and trustworthiness in the eyes of customers, employees, and investors. Principles also foster a positive corporate culture, influencing employee behavior and engagement, and driving performance. Adhering to key principles like customer prioritization, effective cash management, and constant learning from mistakes can significantly contribute to success and sustainability.