Promoting youth entrepreneurship in Lagos, Nigeria - SNHU ...

has also been observed that new small firms tend to raise the degree of competition in the productmarket, thereby bringing gains to consumers. In addition, the enterprises may create linkagesbetween youth entrepreneurs and other economic factors, such as through sub-contracting,franchising, and so on (White & Kenyon, 2000).Youth entrepreneurship also promotes innovation and resilience as it encourages youngpeople to find new solutions, ideas and ways of doing things through experience-based learning.In certain circumstances, young entrepreneurs may be particularly responsive to new economicopportunities and trends. This is especially important given the on-going globalization process. Itis increasingly accepted that youth entrepreneurs can present alternatives to the organization ofwork, the transfer of technology, and a new perspective to the market (White &Kenyon, 2000).White and Kenyon further note that social and cultural identity is promoted through youthenterprises, as is a stronger sense of community where young women and men are valued andbetter connected to society. Youth enterprises give young people, especially marginalized youth, asense of meaning and belonging and help to shape their identity and encourage others to treatthem as equal members of society. A popularization and democratization of entrepreneurship canallow the disadvantaged in society to succeed regardless of social or background status . Thechallenge for governments, NGOs and international bodies seeking to improve youth livelihoodsis to "tap into the dynamism of young people and build on their strong spirit of risk-taking"(OECD ,2001).Carlos Borgomeo, Vice Chair of the GECD LEED Directing Committee and President ofImprenditorialita Giovanile (lG) S.p.A (which is one of the 'best practice' youth enterprise notedthat:" This is the opportunity that has to be seized. Youth has a natural disposition for innovationand change on which we can capitalize, which we call capitalize as long as we are clear that21