In the globalized economy, business schools should excel in teaching, learning, research and overall professional development of all the stake holders. To achieve this agenda the business or management schools should create a mini 'Global village' in the class room by attracting qualified and trained faculty members and by also attracting students from across the globe. The leaders of the business schools play a major role in creating a global or cross cultural atmosphere in business school especially in a competitive business environment. Faculty members and students in a business school require a challenging forum, world class facilities and an open learning environment. There is a need for innovating the pedagogy, course curriculum and also the administrative system to keep abreast with the latest developments in the business world. Hence there is a need for brain storming sessions on the Academic, Faculty, Co-curricular and Institutional Development aspects of the business school.