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Synopsis Business environment has become highly competitive in the wake of liberalization and privatization wave sweeping across the world. After the establishment of WTO and enforcement of its regulations, the world has moved fast towards free trade. Business firms are gearing up to face intense competition in the 21st century. It is going to be the survival of the fittest. The new scenario offers both opportunities and challenges for present and prospective entrepreneurs in industry and trade. It obviously calls for an integrated knowledge of management techniques like communicative skills, leadership qualities, organizational behaviour, human resourcing and decision-making. In the context of 21st century challenges, the present work is intended for business executives, government officials, legislators and teachers and students of business management and public administration.