“I failed in my handbag, makeup business” – Toke Makinwa
Media personality and entrepreneur Toke Makinwa has acknowledged the failures of her handbag and makeup businesses, despite her commitment to establishing a presence in the beauty and fashion sectors.
During a recent episode of “Master of Craft,” a YouTube storytelling series presented by Pawnshop by Bluradish, Makinwa shared her journey, revealing that her initial launch of a handbag line did not succeed, followed by a similar fate for her makeup venture.
“I failed,” Makinwa stated candidly, underscoring that failures in business should be viewed as opportunities for learning rather than deterrents. She emphasized the importance of evolving through setbacks, saying, “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.”
Makinwa advised fellow entrepreneurs to critically assess their products and strategies, suggesting they identify weaknesses regardless of emotional attachments to their ideas. “Maybe it’s the colouring, maybe it’s the stitching, maybe it’s just the idea,” she explained, adding the necessity of continuous learning in business.
The entrepreneur also discussed financial management, stressing the importance of understanding investment opportunities to ensure that funds are appropriately utilized. Questioning the wisdom of keeping large sums of money idle in bank accounts, she posed, “What is a billion dollars’ worth if it’s just sitting there?” Makinwa encouraged individuals to explore various investment options, including bonds and stocks, while seeking professional advice when needed.
On the topic of leadership, Makinwa cautioned entrepreneurs about the dangers of pride, encouraging them to seek knowledge from others and surround themselves with individuals who possess diverse skills and can provide constructive criticism. “If you are the smartest person in the room, you’re in trouble,” she remarked.
For those facing challenges in their businesses or careers, Makinwa urged them not to let their current circumstances dictate their future. “Do not let your now determine your future,” she advised. She encouraged those enduring tough times to remember the motivations behind their goals, emphasizing that a clear sense of direction can help maintain motivation during periods of difficulty. “Remind yourself of your why,” she concluded.
