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

usiness. 30% of the respondents have between percent 2,000-3, 500. 10% of the respondentsclaimed that they have above $3,500 to start while 2% claimed they don‘t have at all.3.7.3 Main Source of Respondents’ Income:# Answer Response %1 Spouse 5 25%2 Parents 6 30%3Familymembers4 20%4 Neigbours 1 5%5 Friends 1 5%6Salary/businessprofit4 20%# Answer Response %1Loan fromfamily orfriends7 64%2 Credit loan 3 27%3Loan fromNGO's1 9%Total 11 100%Figure 15: Main source of incomeThis category actually looked out source of funding for youth enterprises and potential sources ofcapitalization. Most of the respondents indicated that their parents and family are the major sourceof income and funding. Only 27% said that loan from Bank is a major source. This could be as aresult of how young girls are perceived in our society where they actually don‘t have enoughsupport to source for loans on their own independently.3.7.4 Legal status of the business:# Answer Response %1 Sole proprietorship 9 82%2 Partnership 0 0%3 Public Limited enterprises 2 18%4 Others 0 0%Total 11 100%Figure 16: Legal Status of the business45