He had a wonderful life. After he was born, he was surrounded by amazing things that he loved. He was kept inside the royal walls and he lived most of his life without knowing what was beyond.
As he continued his life he finally left his home to explore. He discovered death, sickness, and aging. The prince felt bad for these people so he became an ascetic (a person that gives up all their things). He then gave up his amazing life to become an ascetic. He gave up all his possessions and his home to try and become the enlightened one.
He soon realized he couldn't live like this so, he then came up with the middle way (the eight fold path / Buddhism). He could now live half and half as a Buddha. The teachings of the middle way were to know the truth, not to harm, to meditate, to have control over your thoughts, to resist evil / to free your mind of evil, to help others, and to respect life. He did this and became the enlightened one. He also gained followers that followed this path.