I was a student of successful business practices before I developed my own successful online business. If you're like me, you believe that much can be learned from others that have already been successful in a certain endeavor, rather than always trying to reinvent the wheel.

I've found in reaching my own goal of "leaving the rat race" to run my own profitable Internet business from home that many success principles are more or less universally applicable toward any legitimate business, online or off.

The rewards possible from owning your own business aren't just financial ones. There is also the freedom and exhilarating feeling that working for yourself can give you.

1)  The main thrust of business is to provide more and better products and services, to larger numbers of people, at less cost. Any business activity not tied in with achieving that in business - while it may be important - is less important than this ultimate goal.

2)  Related to the above point is the maxim: "Everything is marketing." The world cannot beat a path to your door to buy your "better mouse trap" if the world doesn't know about it. Marketing is the key to letting the world know about your products and services. There have been many products that had great sales potential, but faded into obscurity due to poor marketing. If you want to succeed in business, effective marketing skills are crucial.

3) Keeping a tight rein on expenses - while at the same time not being "penny wise and pound foolish," is a wise business practice. However, frugality is not encouraged in many societies. Entrepreneurs find it to be a boon, when kept in proper balance.

4)  There must be a willingness to take risks. I'm not talking about foolhardiness, but carefully calculated risks. You should not risk more than you can afford to lose, but you can't afford not to take certain business risks.

One prime reason that many never take the plunge and attempt to develop their own business is that they are afraid of taking risk -- risk which could result in failure. However, failure has often been a stepping stone to success.

5)  An entrepreneur must deliver good quality products and services and stand behind one's work. Related to that is good customer service.

One is not only in business for one's self. Even if your place of business is far removed from where your customers are located (such as through the global business reach that can be achieved with the Internet), you still have a responsibility toward your customers, and if you have employees, to them as well.

6)  The business person should be on the lookout for ways to improve their goods and services, as well ways to increase efficiency and expand their marketing reach.

I've just revealed a handful of universal principles of business success. Look around you and see if you can't detect if they are being applied by ultra-successful businesses that you're aware of. No doubt you'll see them used by the majority. If you apply them, they can contribute toward your own business success, as well.