Media personality and entrepreneur Toke Makinwa disclosed that both her handbag line and makeup venture have failed despite her efforts to establish herself in the beauty and fashion sectors. During an episode of Master of Craft, a YouTube storytelling series presented by Pawnshop by Bluradish, she opened up about her business journey and the lessons she has gained from these setbacks.
Makinwa acknowledged that her initial attempt at launching a handbag line was unsuccessful, while her subsequent makeup venture also did not succeed. She candidly admitted, "I failed," reflecting on the challenges she faced in both ventures.
She emphasized that business setbacks should not discourage entrepreneurs but rather serve as opportunities for growth. She described her approach as "failing forward," explaining that she remains comfortable taking calculated risks that shape future decisions rather than sinking her efforts. Makinwa advised business owners to identify weaknesses in their products and strategies rather than clinging to unworkable ideas, noting that problems might stem from colouring, stitching, or the core concept itself. She stressed that continuous learning on the job is essential for success.
Beyond product development, Makinwa also addressed financial management, urging individuals to understand investment opportunities and ensure their money is used productively. She questioned the practice of keeping large sums of money idle in bank accounts, asking, "What is a billion dollars' worth if it’s just sitting there?" She encouraged people to educate themselves about investment options such as bonds and stocks while seeking professional guidance when needed.
On leadership, Makinwa warned entrepreneurs against letting pride prevent them from learning from others. She advised business owners to surround themselves with people who possess different skills and can offer constructive criticism, reminding them that "If you are the smartest person in the room, you’re in trouble." She also urged those struggling with their businesses and careers not to let their current circumstances determine their future, emphasizing the importance of remembering the purpose behind their ambitions. "Do not let your now determine your future," she said. Finally, she encouraged people through difficult periods to recall their "why" and maintain motivation despite setbacks.