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"It's really always been something I wanted to do," Combs, who performs under the name King Combs, 24, told PEOPLE exclusively while attending the iHeartRadio Music Festival on Saturday. "There have been times when my dad questioned me and asked, 'What's your plan B? Are you sure you want to do this?' and I'm like, 'There is no plan B.' "
Comb's mentality has paid off. His song "Can't Stop Won't Stop" with Kodak Black is catching fire as it climbs the charts.
"It's definitely a dream coming true for me, and it's a great feeling to have the fans and people out there gravitate to a song that I made in the studio," he explained to PEOPLE.
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Asked about the biggest lesson Combs got from his dad, he replied, "I would say the biggest lesson is never stop. Can't stop, won't stop. That's what it is."
And while there's no question that things are looking up for Combs, he said nothing will compare to the first time he heard his song on the radio.
"I was in the car in New York. I was riding around with my friends. It was like right when I started doing music and 'Paid In Full' came on," he recalled.
Combs added: "I remember I just jumped out the car and I started dancing instantly. There's no feeling like that. That's like one of the best feelings."
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While continuing to carve his own path in music, Combs said he's developed an appreciation for the hip-hop forefathers that came before him.
"I definitely have the utmost respect for my father and all the pioneers of hip-hop. You know, my pops is the GOAT, and they paved the way for us to be here and to be able to have a platform," he said. "I knew this was going to be hard, but I didn't know how hard. But we here, so let's get it."