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

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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.

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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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