Media personality and entrepreneur, Toke Makinwa, has disclosed that her attempts to establish handbag and makeup businesses were unsuccessful despite her efforts to make a mark in the fashion and beauty industries.
Makinwa, however, revealed that she is working towards relaunching her makeup brand, noting that her previous experiences have equipped her with valuable lessons in entrepreneurship and business management.
She made this known during an episode of Master of Craft, a YouTube storytelling series presented by Pawnshop by Bluradish.
Recounting her entrepreneurial journey, Makinwa admitted that her first attempt at launching a handbag line failed, while her subsequent makeup business also suffered the same fate.
“I failed,” she said.
The media personality maintained that business failures should not discourage entrepreneurs but should instead be seen as opportunities to learn, grow and make better decisions.
She described entrepreneurship as a continuous process of taking calculated risks and learning from mistakes.
“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 urged business owners to identify the shortcomings in their products and strategies rather than remain emotionally attached to ideas that are not delivering results.
“Maybe it’s the colouring, maybe it’s the stitching, maybe it’s just the idea,” she stated.
She added that entrepreneurs must remain open to learning and adapting as they navigate the challenges of running a business.
“You have to keep learning on the job,” she said.
On financial management, Makinwa advised individuals to familiarise themselves with investment opportunities and ensure their money is put to productive use.
Questioning the practice of leaving huge amounts of money idle in bank accounts, she asked, “What is a billion dollars’ worth if it’s just sitting there?”
She encouraged people to acquire knowledge about investment options such as bonds and stocks, while seeking professional advice when necessary.
Speaking on leadership, the entrepreneur cautioned business owners against allowing pride to prevent them from learning from others.
She advised entrepreneurs to build teams comprising individuals with different skills and perspectives who could offer constructive feedback.
“If you are the smartest person in the room, you’re in trouble,” she said.
Addressing individuals facing difficulties in their businesses and careers, Makinwa urged them not to allow their present challenges to define their future prospects.
“Do not let your now determine your future,” she advised.
She further encouraged people experiencing difficult moments to constantly remind themselves of the reasons behind their ambitions, stressing that having a clear sense of purpose could help them remain focused and motivated despite setbacks.
“Remind yourself of your why,” she added.