Diddy has been making power moves both in the rap and business worlds for many years. Now he's giving back to young people who also embodies his entrepreneurial spirit.

The rap mogul recently donated $250,000 to the Network for Teaching Entrepreneurship (NFTE) to help future CEOs achieve their entrepreneurial dreams.

"I believe all young people should be given the opportunity to be successful and to pursue their passions and NFTE gives all kids the tools they need to be the CEOs of their future," said Diddy in a statement.

In a few weeks Diddy will expand his portfolio into the television business. On Oct. 21, he will launch his Revolt TV to Comcast and Time Warner subscribers in New York, Chicago and Los Angeles.

"I want to create the ESPN of music," Diddy says of his new venture (quotes courtesy of HuffPost). "You cover music from a very serious journalistic angle and we play only the best of music, where people expose their souls and give me something to cry to, laugh to or dance to. Get back to what music is about, and not just what radio is playing, but what people are feeling."

At an event for students in the entrepreneurship program, the Bad Boy Records founder offered his advice for those who want to start their own businesses.

The economy hasn't fully yet recovered from the recession and young entrepreneurs are coming into a world where it's harder to sustain a start-up for the long haul.

Diddy advises the students not to be discouraged but "be realists" when dealing in business.

"The economy is not really protective of the future and so (young people) have to deal with the reality,” Diddy said. “It’s harder out there than ever so you have to be smarter than ever have more tenacity, be relentless."