Modernization of business management in an environment of rapid tech-nological innovations and of increasing social responsibility of business aims to realize management rationalization through democratic management system led by a group of modern professional managers. In modern business management the functions of management and control have been separated from the ownership, and well-trained professional managers are taking over the places formerly held by owner-managers and employed managers. The transfer of the management function from the hands of the employed managers working for the interest of the ownership group to those of the professional managers is of sufficient significance which may deserve the description of $quot;Managerial Revolution.$quot; The tasks laid before the professional managers in modernizing business management will include the assumption of the roles of an innovator and of the practitioner of modern management philosophy. Among many specific tasks of a modern professional manager the following are given special emphasis. First, scientific approach to management must he practiced. Scientific methods should be employed in planning, implementing, and controlling business activities. Generally, managers do not seem to have developed suft-ficient scientific knowledge in the field of social sciences which is so important in formulating sound business policies. It should not be overlooked that many business failures can be attributed to the lack of scientific approach to business planning, implementing, and controlling. Secondly, the managers should establish the long-term plan for growth. Long-term planning is a manifestation of business philosophy in the face of future uncertainty and rapid technological innovation. It will also be useful as a control device. Flexible long-term planning will facilitate the growth of the business and it is essential that managers will develop their planning ability. The long-term plan must also reflect the company`s objective in the international business scenes. Thirdly, managers must be determined to discharge social responsibility. The social responsibility of the modern professional managers will include the reconciliation of the business interest with that of the general public, assuring of personal satisfaction of the employees, balancing the interests of different groups which have connections with the business, and the maintenance of free enterprise system of our society. Fourth, managers should keep their eyes open to the future. They must be able to anticipate future developments and must be alert to new possibilities in the areas of long-term planning, organization, communication, and utilization of information required for policy formulation, and of human motivation. The fifth task of a manager may be called management development. The managers are responsible not only for his own development but also for the development of their subordinate managers who will succeed them in the future. Managers of today should train themselves so that they can function as professionals in an innovation age, and at the same time, they must see to it that present middle and lower management will grow in their ability to become professional managers of tomorrow. The management development should aim at developing managerial judgment by giving training in theory, problem-solving, and human relations techniques. In summary, we must realize that the traditional methods of management or management by experiences alone do not have their place in modern business where the technological changes and social responsibility of business are increasingly emphasized. Managers must realize that they have to equip themselves with management theories and techniques so that they can fulfill the tasks of tomorrow by modernization and rationalization of the business.