The definition of key concepts is a starting point to a full understanding of the phenomena. Through it one may be able to discover the essence, concerns and objectives of the phenomena too. Likewise, the essence, concerns and objectives of Youth Entrepreneurship and Leadership Project (YELEAP) as an NGO can be fully understood with definitions of the following key concepts.
Youth entrepreneurship is “the practical application of enterprising qualities, such as initiative, innovation, creativity, and risk-taking into the work environment (either in self-employment or employment in small start-up firms), using the appropriate skills necessary for success in that environment and culture.”
Transformational entrepreneurship is “the process of creating innovative solutions to the world’s biggest problems that are scalable, sustainable and systematic”. “It is a new movement combining the scalable tools and methodology of Technology Entrepreneurship with the world-centric value system of Social Entrepreneurship for socioeconomic value creation”. Transformational entrepreneurs are those who strive for growth, are generally larger business owners who provide relatively secure employment opportunities for others. They are the catalysts of innovation, job creation, productivity, and competitiveness needed to liberate youth from unemployment-induced poverty.
Transformational leadership is “a style of leadership where a leader works with teams to identify needed change, creating a vision to guide the change through inspiration, and executing the change in tandem with committed members of a group”. Transformational leadership can be seen when "leaders and followers make each other advance to a higher level of morality and motivation." Through the strength of their vision and personality, transformational leaders are able to inspire followers to change expectations, perceptions, and motivations to work towards common goals.
National prosperity is the success of a nation in terms of social economic factors such as public access to food, water, shelter, transportation, and safety; or public access to basic education, information, quality healthcare, and a sustainable environment as well as political factors such as the enjoyment of human rights, freedom of choice, and freedom from discrimination. It is a country’s possession of abundant natural resources and the ability to trade them for other goods and services. It is also a country’s possession of a mix of cultural, economic and human capital which enables them to build a competitive advantage on value-added activities. Youth’s natural disposition for innovation and change make young people well suited for entrepreneurship and leadership, provided the community can give youth the right support to overcome their challenges and improve their odds of success. A nation’s economic development benefits from youth entrepreneurship in terms of employment creation, product and service innovation, market competition, community revitalization, national recovery and income generation. Youth entrepreneurs face greater challenges than adult entrepreneurs, and therefore would benefit from talent development programs to support them with skills, mentoring, networking, and access to resources in order to increase their rate of success.