A principle is a kind of rule, belief, or idea that guides you. You can also say a good, ethical person has a lot of principles.
In general, a principle is some kind of basic truth that helps you with your life. "Be fair" is a principle that guides (or should guide) most people and businesses. A politician who tries to do the right thing rather than win votes is acting on principle. A person who has principles is a good, decent person. On the other hand, if you say someone has no principles, that means they're dishonest, corrupt, or evil.