My Handbag, Makeup Businesses Failed — Toke Makinwa

Media personality and entrepreneur, Toke Makinwa, has revealed that her attempts to establish handbag and makeup businesses were unsuccessful, admitting that both ventures failed.

However, she said she was working towards reviving her makeup brand, noting that the setbacks had taught her valuable lessons about entrepreneurship, risk-taking and business management.

Makinwa disclosed this during an episode of Master of Craft, a YouTube storytelling series presented by Pawnshop by Bluradish and released on Wednesday, November 4.

Reflecting on her entrepreneurial journey, the media personality acknowledged that her first attempt at launching a handbag line did not succeed, while her subsequent makeup business also failed.

“I failed,” she said, describing her experience as one of learning through repeated setbacks.

She explained that rather than allowing business failures to discourage her, she had learnt to view them as opportunities to 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.

Makinwa stressed that entrepreneurs must be willing to identify the shortcomings of their products and business ideas rather than remain attached to unsuccessful strategies.

“Maybe it’s the colouring, maybe it’s the stitching, maybe it’s just the idea,” she said, adding that business owners must be prepared to learn from their mistakes.

“You have to keep learning on the job,” she added.

On financial management, Makinwa urged individuals to become more knowledgeable about investment opportunities, arguing that money should be put to productive use rather than left idle in bank accounts.

Questioning the practice of keeping large sums without investing them, she asked, “What is a billion dollars worth if it’s just sitting there?”

She encouraged people to understand financial instruments such as bonds and stocks before committing their money, while also seeking professional advice where necessary.

The entrepreneur also spoke about leadership, warning business owners against allowing ego to prevent them from learning from others.

According to her, entrepreneurs should surround themselves with people who possess different skills and can challenge their ideas through constructive criticism.

“If you are the smartest person in the room, you’re in trouble,” she said.

Addressing aspiring entrepreneurs and people experiencing difficulties in their careers, Makinwa urged them not to allow their present circumstances to limit their ambitions.

She observed that many successful individuals had experienced rejection, uncertainty and periods when their efforts attracted little attention before achieving recognition.

She said people should remain committed to their ambitions even when their businesses were struggling or they were yet to receive the desired support.

“Do not let your now determine your future,” she advised.

Asked what advice she would give people going through difficult periods, Makinwa emphasised the importance of remembering the purpose behind their ambitions.

“Remind yourself of your why,” she said, noting that having a clear sense of purpose could provide the motivation to persevere through challenging circumstances.

Source: Punch

Email: elora.akpotosevbe@yahoo.com