Media personality and entrepreneur, Toke Makinwa, has revealed that her handbag and makeup businesses failed, despite her efforts to establish herself in the beauty and fashion industries.
Makinwa, however, disclosed that she is working towards reviving her makeup brand, adding that her experiences have taught her important lessons about entrepreneurship and business management.
She made this known during an episode of Master of Craft, a YouTube storytelling series presented by Pawnshop by Bluradish.
Reflecting on her business journey, the media personality admitted that her initial attempt at launching a handbag line was unsuccessful, while her subsequent makeup venture also failed.
“I failed,” she said.
According to her, business setbacks should not discourage entrepreneurs but should instead 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.
Makinwa 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.
She added, “You have to keep learning on the job.”
The entrepreneur also spoke about financial management, urging individuals to understand investment opportunities and ensure their money was put 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.
Speaking on leadership, Makinwa warned entrepreneurs against allowing pride to prevent them from learning from others.
She advised business owners to surround themselves with people who possess different skills and can offer constructive criticism.
“If you are the smartest person in the room, you’re in trouble,” she said.
Addressing people struggling with their businesses and careers, the media personality urged them not to allow their present circumstances to determine their future.
“Do not let your now determine your future,” she advised.
She further encouraged people going through difficult periods to remember the purpose behind their ambitions, stressing that having a clear sense of direction could help them remain motivated despite setbacks.
“Remind yourself of your why,” she said.
“I failed in my handbag, makeup business” – Toke Makinwa
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