Media personality Toke Makinwa has revealed that her attempts to establish handbag and makeup businesses ended in failure, admitting that the setbacks taught her important lessons about entrepreneurship.
The entrepreneur, however, disclosed that she was working towards reviving her makeup brand after reflecting on the mistakes and business decisions that affected her previous ventures.
Makinwa made the revelation during an episode of Master of Craft, a YouTube storytelling series presented by Pawnshop by Bluradish.
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Speaking about her entrepreneurial journey, she admitted that her initial handbag business was unsuccessful, while her subsequent investment in the makeup industry also failed.
“I failed,” she said.
She explained that business owners should not allow unsuccessful ventures to discourage them but should learn from their mistakes and use the experience to 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 entrepreneurs to identify the specific problems affecting their products rather than remain emotionally attached to business ideas that were not delivering results.
“Maybe it's the colouring, maybe it's the stitching, maybe it's just the idea,” she said.
“You have to keep learning on the job,” she added.
The media personality also highlighted the importance of financial literacy, urging entrepreneurs and individuals to understand investment opportunities instead of allowing large sums of money to remain idle in bank accounts.
Questioning the wisdom of keeping substantial funds without investing them, 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 advice when necessary.
On leadership and business management, Makinwa warned entrepreneurs against allowing pride to prevent them from learning from people with different skills and experiences.
She advised business owners to surround themselves with individuals who could challenge their ideas and offer constructive criticism.
“If you are the smartest person in the room, you're in trouble,” she said.
Addressing people experiencing difficulties in their careers and businesses, Makinwa urged them not to allow present challenges to determine their future prospects.
“Do not let your now determine your future,” she advised.
She also encouraged entrepreneurs to remain connected to the reasons they started their businesses, saying a clear sense of purpose could help them navigate difficult periods.
“Remind yourself of your why,” she said.
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