Toke Makinwa Opens Up About the Business Ideas That Didn’t Work Out

Toke Makinwa has spoken candidly about the setbacks behind her efforts to build businesses, saying ventures in handbags and makeup did not deliver the results she had hoped for. The Nigerian media personality and entrepreneur shared the reflections in an interview on Master of Craft, a YouTube storytelling series by Pawnshop by Bluradish. Makinwa said she tried the handbag business before moving into makeup, but neither venture became the success she had anticipated. Rather than presenting those experiences as a reason to give up, she described entrepreneurship as a process of taking chances, making mistakes and using what goes wrong to make better decisions. “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, describing the lessons she took from the experience. She also stressed the value of examining a product or business idea honestly instead of sticking with an approach simply because its creator is attached to it. Details such as colour, stitching and the wider concept can all affect how a product performs, she noted, urging entrepreneurs to keep learning and welcome constructive criticism. Makinwa advised business owners to surround themselves with people willing to challenge their thinking. “If you are the smartest person in the room, you’re in trouble,” she said. She also encouraged entrepreneurs to build their financial knowledge, including by learning about investment options such as stocks and bonds. Despite her own unsuccessful attempts, Makinwa urged people pursuing business ambitions not to let present difficulties define what may be possible later. “Do not let your now determine your future,” she advised.