Sean 'Diddy' Combs' 4 Best Tips for Entrepreneurs

How P. Diddy started one of the biggest entertainment labels.

If there's one thing Sean "P. Diddy" Combs knows, it's how to be successful in business. The rapper, producer, and fashion designer has an estimated net worth of $1 billion, making him one of the richest men in the entertainment industry. In addition to his music and fashion ventures, Combs also has a successful business career, with investments in everything from Ciroc vodka to the cable network Revolt. Here are some of Diddy's best tips for entrepreneurs who want to achieve similar levels of success.

1. Believe in yourself

Diddy says that belief in the self is essential for anyone who wants to be successful in business. "I think that you have to believe,” he said. “That's one of my biggest mantras, believe. I wouldn't be here if I didn't believe in myself.” Believing in yourself is extremely important. Why? Nobody else is going to believe in you if you don't believe in yourself first. That belief will be contagious!

2. Be prepared to work hard

Diddy speaks about the importance of hard work, saying that it's essential for anyone who wants to be successful. "People from all walks of life and all over the world look at me and know my humble beginnings and know that everything I've done has been through hard work," he says. "I came in to win, you know. This is why I stay up late while other people are sleeping." Especially in his early years, his work ethic is what set him apart from everyone else.

Hard work is even in his genes. "My mother was always working for a job, so I guess I was always trained that I should have multiple jobs, multiple aspirations. And I remember she had multiple aspirations, always hearing about her dreams and things she did in the past and things she wanted to do." Combs saw the importance of hard work and it has carried over to his success in the business world.

3. Learn from your mistakes

Like other successful entrepreneurs, he has had his fair share of failures. Combs went from selling drugs, and even experiencing close deaths in his family, to become the successful entrepreneur he is today. For Combs, "you cannot achieve success without failure." He has made mistakes and kept going, attributing who he is today to learning from his failures. "Everyone has challenges and lessons to learn -- we wouldn't be who we are without them."

4. Be persistent

Born in New York City's Harlem neighborhood, Combs started his business career early with a couple of newspaper routes. While in college, he was able to talk his way into Uptown Records as an intern. His persistence paid off, and he eventually became an executive. But he wasn't done. He wanted to achieve more and launched Bad Boy Entertainment in 1993. It's now one of the biggest record labels in hip-hop history. He never gave up on his dream and continued to be persistent in achieving his dreams. Combs stayed focused and believed in his dreams. When people doubted him or told him that he couldn't do it, he used that as motivation to prove them wrong.

Diddy has come a long way since he was first known as Puff Daddy in the 1990s rap scene. These days, he's one of the richest men in entertainment -- and he didn't get there by accident. By following these four tips, you can start on the path to building a successful business just like Diddy did.