Diddy Donates $250,000 To Network For Teaching Entrepreneurship

posted Sunday October 06, 2013 at 09:00AM PDT | 14 comments

Diddy Donates $250,000 To Network For Teaching Entrepreneurship

Diddy also talks about the importance of street smarts in entrepreneurship and the guidance he's been provided in business.

Diddy has donated $250,000 to the Network for Teaching Entrepreneurship (NFTE), according to businessweek.com.

Diddy addressed his appreciation for NFTE's efforts in an interview with businessweek.com.

"I think especially with kids from the inner city, they’re natural-born entrepreneurs, because they have to figure out how to survive," Diddy said. "So they have it in their DNA. An organization like this can show them that they have it inside of them and can show them how to relate what they’re learning in school to their street smarts and street savvy." 

In the interview, Diddy also spoke about business advice he's cherished over the years. 

"It’s a little cliché, but someone taught me, if it doesn’t make dollars, it doesn’t make sense," Diddy said. "That was after I went through a year where I had lost a lot of money—it was during the start of a recession, and I wasn’t sensitive to the economic climate. I wasn’t paying attention to what was going on in the world. If it’s raining outside, if it’s snowing—you have to know what the climate is in whatever space. I was in the retail space, I didn’t prepare for the storm. The world isn’t perfect, so plan accordingly." 

During the interview, Diddy also spoke about the difference between a college education and hands-on experience.

"If you’re interested in engineering, I’d say, go to college," Diddy said. "If you’re interested in finance, go to college. But there are other fields where you can get more value out of the experience of working. You might be better off working for free, or paying yourself."  

Founded in 1987 by Steve Mariotti, NFTE says more than 500,000 students have completed its courses. NFTE released survey results showing students who participated in its programs are more likely to graduate from high school or earn college degrees in science, technology, engineering or math, according to businessweek.com. Beyond Diddy's donation, NFTE also earned a $1.2 million grant from Master Card. 

RELATED: Diddy Loses $1 Million To Rick Ross In Dice Game

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