My Handbag, Makeup Businesses Failed – Toke Makinwa

Nigerian media personality Toke Makinwa has opened up about the challenges she faced in business, revealing that her handbag and makeup ventures both failed despite her efforts to establish the brands.

The entrepreneur, however, says she has not given up on the beauty business and is working towards bringing back her makeup brand.

She shared the experience during an appearance on Master of Craft, a YouTube storytelling series presented by Pawnshop by Bluradish and released on Wednesday, November 4.

Speaking about her early business attempts, Makinwa admitted that the ventures did not go as planned, but said the experience changed how she approaches entrepreneurship.

“I failed,” she said.

According to her, business setbacks have taught her to take risks while paying attention to the decisions that determine whether a venture succeeds or struggles.

“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 also pointed to the importance of examining products critically, noting that issues as seemingly small as colour or stitching could affect a business.

“Maybe it’s the colouring, maybe it’s the stitching, maybe it’s just the idea,” she said, stating that entrepreneurs must be willing to keep learning and making changes.

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

The media personality also discussed money management, encouraging people to learn about investment options instead of allowing their funds to remain idle.

“What is a billion dollars worth if it’s just sitting there?” she asked.

She advised aspiring investors to understand financial products, including bonds and stocks, before committing their money, and to seek professional advice when necessary.

On building a successful business, Makinwa said entrepreneurs should be open to ideas and criticism from people with different skills and experiences.

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

She further encouraged people dealing with career or business difficulties not to define their future by their present circumstances.

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

When asked what people going through difficult times should hold on to, she urged them to remember the motivation behind their ambitions.

“Remind yourself of your why,” she said.