Media personality and entrepreneur Toke Makinwa has opened up about the failure of her handbag and makeup businesses, revealing that she is working towards reviving her makeup brand.
Makinwa shared her experience during an episode of Master of Craft, a YouTube storytelling series presented by Pawnshop by Bluradish.
Reflecting on her entrepreneurial journey, she admitted that her initial attempt at launching a handbag line was unsuccessful, while her subsequent makeup business also failed.
“I failed,” she said.
However, Makinwa said business setbacks should not discourage entrepreneurs but should serve as opportunities to learn, improve and make better decisions.
“It’s just constantly failing, but failing forward, and being comfortable enough to take those risks that do not actually sink you, but shape your decisions going forward,” she said.
She advised business owners to identify the weaknesses in their products and strategies rather than remain attached to ideas that are not working.
“Maybe it’s the colouring, maybe it’s the stitching, maybe it’s just the idea,” she said, adding, “You have to keep learning on the job.”
The entrepreneur also highlighted the importance of financial literacy, urging people to understand investment opportunities and put their money to productive use.
Questioning the practice of keeping large sums of money idle in bank accounts, she asked, “What is a billion dollars’ worth if it’s just sitting there?”
She encouraged people to educate themselves about investment options, including bonds and stocks, while seeking professional guidance where necessary.
On leadership, Makinwa cautioned entrepreneurs against allowing pride to prevent them from learning from others. She advised business owners to surround themselves with people who have different skills and can offer constructive criticism.
“If you are the smartest person in the room, you’re in trouble,” she said.
Addressing people facing difficulties in their businesses and careers, the media personality urged them not to allow their present circumstances to define their future.
“Do not let your now determine your future,” she advised.
She further encouraged people going through challenging periods to remain connected to the purpose behind their ambitions.
“Remind yourself of your why,” she said.
