Rap mogul Sean 'Diddy' Combs is set to share the secrets of his success with budding entrepreneurs - he's launching a business school in New York.

The hip-hop star has built up a multi-million dollar empire since his days as a record company intern and is now CEO of Bad Boy Records and Sean John Clothing. He is also behind the MTV reality TV show Making The Band, owns a restaurant chain called Justin's, and enjoys a development deal with Ciroc vodka.

Now Combs wants to teach others how to make it in the business world with his own academy.

He tells CNN, "I want to have an academy that's known for building leaders. I feel that's one of the things I can have an impact on."

Combs is determined to be a good role model for youngsters and is convinced launching his own school is the best hands-on approach.

He adds, "I want to take on more responsibility. I'm still honestly in search of how I can have the most positive effect that I can have."

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(This news article provided by World Entertainment News Network)