I have a one year old lab with a similar bump. His canine teeth hit his lip and create a permanent scar/bump. That said, I'd let a vet check it out to be sure.
I'm not giving you a diagnosis, but simply offering my opinion based on previous experience. The growth appears very similar to a papilloma virus wart. They're not uncommon in going dogs and can resolve on their own, but can also multiply. To be safe, I would have a Vet remove it and perform a biopsy to confirm that it's benign since you can't tell just by looking at a growth whether it's benign or malignant. If it is the papilloma virus there are antibiotics that can be given to help your dog through the outbreak until his own immune system kicks in to fight it.
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