The dictionary meaning of a proverb is:

A condensed but memorable saying embodying some important fact of experience that is taken as true by many people.

A proverb (from the Latin proverbium) is a saying popularly known and repeated, usually expressing simply and concretely, though often metaphorically, a truth based on common sense or the practical experience of mankind. Ex: 'A stitch in time saves nine.' A proverb which describes a basic rule of conduct may also be known as a maxim. If a proverb is distinguished by particularly good style, it may be known as an aphorism.