Entrepreneurs require a variety of skills and competencies to successfully manage an enterprise. As the business grows, the need for incorporating professional management practices increases which necessitates in possessing entrepreneurial management capabilities. However, such skills and capabilities are a function of various factors. Existence of role models is one among such socio-demographic factors. The purpose of this research is to understand the impact of role models on entrepreneurial management capabilities of those who wish to take-up entrepreneurship as a career. A sample of 200 management students were selected and served with a questionnaire schedule and the responses are statistically tested through ANOVA and T-Test. The analysis concludes that role models exert a significantly positive influence on the entrepreneurial management capabilities. Among the five components considered, four, namely, autonomy, risk taking, pro activeness and drive and energy are significantly affected by the existence of role models. Whereas the component of self-confidence prevails uniformly across the sample despite the prevalence of role models. Thus the effect of role models on the entrepreneurial management capabilities proves to be highly significant.