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, said she was working towards relaunching her makeup brand, adding that the setbacks had taught her valuable lessons about entrepreneurship and business management.

She made the disclosure during an episode of Master of Craft, a YouTube storytelling series presented by Pawnshop by Bluradish, where she reflected on her business journey.

The media personality admitted that her initial attempt at launching a handbag line was unsuccessful, while her subsequent makeup venture also failed.

“I failed,” she said, describing business setbacks as opportunities for learning and improvement rather than reasons to give up.

According to her, entrepreneurs must be willing to take risks, identify weaknesses in their products and strategies, and make necessary adjustments. She cited factors such as product design, colouring and stitching as areas that could determine a business’s success or failure.

Makinwa also emphasised the importance of financial literacy, urging entrepreneurs to understand investment opportunities and put their money to productive use. She encouraged people to explore options such as bonds and stocks while seeking professional advice where necessary.

On leadership, she cautioned business owners against allowing pride to prevent them from learning from others, advising them to surround themselves with people who possess different skills and can offer constructive criticism.

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

She also encouraged people facing challenges in their businesses and careers not to allow their present circumstances to determine their future, urging them to remain focused on the reasons they started their journeys.

“Do not let your now determine your future. Remind yourself of your why,” she advised.