The first is to develop a spacious mind or view - limitless, open, free, and released. Secondly, one's physical actions with body, speech and mind must be perfect - ethical down to the minuetest detail. In the beginning, the latter is very important and then as one's view gradually develops, conduct takes care of itself automatically without effort, just by merely having the profound view.
Conduct is the ideal of loving kindness and compassion towards all beings equally.
Without conduct, the highest view can be harmful because people think they have the view and that everything will be alright without paying attention to conduct. Patrul Rinpoche said that if someone says to you that they have the view but they don't show loving kindness - you should stuff their mouths with the shit of one hundred towns. If you practice only virtuous conduct for hundreds of aeons, enlightenment is never reached. We also need the wisdom of the view - pure buddha mind view. Virtue and its practice does benefit one but it is not permanent and it belongs to world of relative truth that is defined in terms of good and bad, happy and sad, and so forth.