Sean “Diddy” Combs is set out to expand his empire with the announcement of his latest business venture. Combs declared his plans to launch a business school for up-and-coming entrepreneurs during a Feb. 1 appearance on Anderson Cooper’s “AC 360.”

The mogul’s latest business venture is part of his efforts to build a new image while adding role model to his endless list of accomplishments. Combs is preparing to part with his “bad boy” image in favor of a more business-minded persona.

Although no name for the school has been released, reported that the school will most likely be located in Harlem, N.Y. Combs reportedly told CNN he wants “to have an academy that’s known for building leaders.”

The tycoon anticipates the development of this school to be one of many projects that will help him evolve from businessman to exemplar.

Combs is currently CEO of Bad Boy Records and Sean Jean Clothing; executive producer of MTV’s “Making the Band” and VH1’s “I Want to Work for Diddy;” owner of New York/Atlanta restaurant chain Justin’s and currently has a development deal with Ciroc Vodka.