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Media personality and entrepreneur, Toke Makinwa, has opened up about her unsuccessful attempts to establish handbag and makeup businesses, admitting that both ventures failed despite her efforts to build a presence in the fashion and beauty industries.
The media personality, however, disclosed that she is working towards reviving her makeup brand, noting that the setbacks have provided valuable lessons about entrepreneurship, financial management and making business decisions.
Makinwa shared her experiences during an episode of Master of Craft, a YouTube storytelling series presented by Pawnshop by Bluradish.
Reflecting on her entrepreneurial journey, she acknowledged that her first attempt at launching a handbag line did not succeed, while her subsequent makeup business also experienced failure.
“I failed,” she admitted while discussing the challenges she encountered in her business ventures.
According to Makinwa, experiencing business failure should not necessarily be seen as the end of an entrepreneurial journey. Instead, she encouraged business owners to learn from their mistakes, make adjustments and remain willing to take calculated risks.
She explained that entrepreneurs must develop the ability to recover from setbacks and use their experiences to make better decisions in the future.
“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 Speaks On Lessons From Failed Businesses
The media personality stressed the importance of identifying problems affecting a business rather than continuing to pursue strategies that are not producing the desired results.
She noted that entrepreneurs should pay attention to different aspects of their products and identify areas that require improvement.
Using her experience in the fashion and beauty industries, Makinwa explained that the problem could sometimes be related to product quality, design or the original business idea.
“Maybe it’s the colouring, maybe it’s the stitching, maybe it’s just the idea,” she said.
She added that business owners must remain open to learning throughout their entrepreneurial journeys, regardless of how much experience they have acquired.
“You have to keep learning on the job,” she stated.
Makinwa’s comments come as she considers reviving her makeup brand, suggesting that her previous experience has not completely discouraged her from pursuing opportunities in the beauty industry.
Her willingness to revisit the business also reflects the importance of evaluating previous mistakes before attempting another venture.
Toke Makinwa Advises Entrepreneurs On Financial Management
Beyond discussing her failed businesses, Makinwa addressed the importance of financial education and making informed investment decisions.
She urged individuals to understand how money works and explore opportunities that could help their finances grow rather than allowing substantial amounts to remain idle in bank accounts.
Questioning the practice of keeping large sums of money without putting them to productive use, she asked, “What is a billion dollars’ worth if it’s just sitting there?”
The entrepreneur encouraged people to educate themselves about different investment opportunities, mentioning bonds and stocks as options worth understanding.
She also advised individuals to seek professional guidance when making financial decisions, particularly when they lack sufficient knowledge about investment opportunities.
According to her, understanding how to manage money is an important part of building and sustaining a successful business.
‘If You Are The Smartest Person In The Room, You’re In Trouble’
Makinwa also spoke about leadership and the importance of surrounding oneself with people who possess different abilities and professional experiences.
She cautioned entrepreneurs against allowing pride to prevent them from accepting advice, constructive criticism or learning from others.
According to her, business owners should recognise that they cannot have all the answers and should be willing to work with individuals who can contribute different perspectives to their ventures.
“If you are the smartest person in the room, you’re in trouble,” she said.
She emphasised that having knowledgeable people around could help entrepreneurs identify mistakes, improve their strategies and make more effective decisions.
Makinwa Encourages People Facing Career Setbacks
Addressing individuals experiencing difficulties in their businesses and careers, the media personality urged them not to allow their present challenges to determine what they could achieve in the future.
“Do not let your now determine your future,” she advised.
She further encouraged people to remain connected to the reasons they started their journeys, explaining that remembering their ambitions could help them maintain focus during difficult periods.
“Remind yourself of your why,” she said.
Makinwa’s revelations offer an insight into the challenges behind her entrepreneurial journey, while her plans to revive her makeup brand indicate her continued interest in the beauty business despite previous setbacks.
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