Toke Makinwa Reveals Handbag, Makeup Businesses Failed, Plans Brand Revival

Media personality and entrepreneur Toke Makinwa has revealed that her handbag and makeup businesses failed, despite her efforts to establish herself in the beauty and fashion industries.

Makinwa, however, disclosed that she is working towards reviving her makeup brand, saying the setbacks have taught her valuable lessons about entrepreneurship, product development and business management.

She made the disclosure during an episode of Master of Craft, a YouTube storytelling series presented by Pawnshop by Bluradish.

Reflecting on her business journey, the media personality admitted that her initial attempt to launch a handbag line was unsuccessful. Her subsequent makeup venture also failed, prompting her to reassess her approach to business.

“I failed,” she said.

Makinwa described failure as part of the entrepreneurial process, arguing that setbacks should provide opportunities to learn and make better decisions rather than discourage business owners from pursuing their ambitions.

“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.

She urged entrepreneurs to identify weaknesses in their products and business strategies instead of becoming emotionally attached to ideas that are not working. According to her, problems could range from product quality and design to the original concept.

“Maybe it’s the colouring, maybe it’s the stitching, maybe it’s just the idea,” she said, adding that business owners must remain willing to learn and improve.

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

The entrepreneur also highlighted the importance of financial management, encouraging people to understand investment opportunities and make informed decisions about how they use their money.

Questioning the value of leaving substantial funds idle in bank accounts, she asked, “What is a billion dollars’ worth if it’s just sitting there?”

She encouraged individuals to educate themselves about investment options, including bonds and stocks, while seeking professional guidance where necessary.

On leadership and business management, Makinwa warned against allowing pride to prevent entrepreneurs from learning from others. She advised business owners to build teams with people who possess different skills and can offer constructive feedback.

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

Addressing people facing difficulties in their businesses and careers, Makinwa urged them not to allow their present circumstances to define their future prospects.

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

She also encouraged people experiencing setbacks to remain connected to the reasons they started their journeys, stressing that a clear sense of purpose could help them maintain direction during difficult periods.

“Remind yourself of your why,” she said.