Toke Makinwa Talks About Her Failed Handbag and Makeup Businesses

Media personality and entrepreneur Toke Makinwa has opened up about her failed attempts to start handbag and makeup businesses. She admitted that both ventures did not work out.

Makinwa mentioned that she is working on bringing her makeup brand back. She said these setbacks taught her important lessons about running a business, taking risks, and managing finances.

She shared this during an episode of Master of Craft, a YouTube storytelling series by Pawnshop by Bluradish, released on Wednesday, November 4.

Looking back on her journey, Makinwa acknowledged that her first try at a handbag line failed. Her makeup business also did not succeed.

“I failed,” she said, calling her experience a learning process filled with challenges.

Instead of letting her business failures bring her down, she learned to see them as chances to improve and make better choices.

“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 explained.

Makinwa emphasized that business owners need to recognize what is wrong with their products or ideas. They should not hold on to strategies that do not work.

“Maybe it’s the colouring, maybe it’s the stitching, maybe it’s just the idea,” she said. She added that business people must be ready to learn from their errors.

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

When it comes to money management, Makinwa urged people to learn about investment opportunities. She believes money should be used wisely instead of just sitting in bank accounts.

She questioned why someone would keep a large amount of money without investing it. “What is a billion dollars worth if it’s just sitting there?” she asked.

Makinwa encouraged everyone to understand financial tools like bonds and stocks before investing. She also advised seeking professional help when needed.

She talked about leadership too. Makinwa warned business owners not to let pride stop them from learning from others.

Entrepreneurs should be around people with different skills who can challenge their ideas with constructive feedback. “If you are the smartest person in the room, you’re in trouble,” she said.

Speaking to aspiring entrepreneurs and those facing challenges, Makinwa urged them not to let their current situation limit their dreams.

She pointed out that many successful people faced rejection, doubt, and times when no one noticed their efforts before they became recognized.

She said people should stay committed to their goals even when their businesses struggle or they do not get the support they want.

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

When asked what advice she would offer to those going through tough times, Makinwa highlighted the need to remember why they started.

“Remind yourself of your why,” she said. She noted that having a clear purpose can help motivate someone to keep going, even in hard times.