I recently viewed a YouTube video featuring a sit down between investment mogul Warren Buffet and hip hop mogul Jay Z from the Forbes 400 Summit in November of 2010. While listening to the discussions between these two I picked up a few key takeaways that I thought entrepreneurs could benefit from understanding.

1. Expect Change – Our businesses need to be constantly evolving. If you are not leading the way and embracing change then you may just find yourself falling behind.

Jay Z nails it by saying, “Open yourself up for change, you don’t have to change who you are and how you operate, but if that landscape has changed then the way we do business has to change.”

2. Know Everything About Your Business – Every business has hundreds of moving parts, as the owner it’s your job understand how everything works. Just like embracing change, you should also challenge yourself to be constantly learning.

Mr. Buffett explained that everything you do throughout your life is cumulative. But you must also have an understanding the basic business principles. This helps us learn what we are good or not so good at; which can be valuable information.

3. You Must Love What You Do – Be passionate about your business and remember that if you get to do something that you love everyday then your doing pretty well for yourself.

Warren states that if you get to do what you love every day, then you don’t get any luckier than that.

Make sure to check out the videos if you haven’t seem them, these two moguls come from very different worlds yet many of their entrepreneurship principles are similar. There is much more to learn beyond my three points that may benefit you and how you view, operate, or develop your business.