On Monday, Oct. 30, Mindy Grossman, the former CEO of WW International, formerly Weight Watchers, visited the University for a Lubin School of Business event where she talked about what it means to be a successful student and entrepreneur.
Grossman has a long list of achievements. She was listed in The Financial Times as one of the “Top 50 Women In World Business” in 2010 and 2011, and was also ranked among Forbes’ “100 Most Powerful Women In The World” for the years 2009, 2011, 2012, and 2013. In 2014, she was ranked 22 in Fortune‘s “Top People in Business”.
Grossman gave an inspiring speech where she touched on how students should use their gifts to pursue their purpose. She discussed how the fashion industry is ever changing based on society’s development, the ways in which a CEO must manage their schedule, and how, as a leader, you must be a giver, not a taker.
Grossman began the event by emphasizing how she believed herself to be “born a businesswoman.” She talked about how her “CEO mindset” was embedded in her at a young age through her adoptive parents.
“I always remember being told that I was a gift and that I needed to use that gift,” Grosmann said. “At first, I thought my path would lead to me becoming a doctor, lawyer, or accountant, but that ended up changing after I quickly recognized the true path I wanted to take.”
Grossman shared that she was engaged to be married and decided to switch her trajectory completely. She broke off her engagement, moved to New York, and decided to pursue a degree in business.
As far as her interest in fashion, she was able to work for Willie Smith, a well-renowned African-American fashion designer who was popular in the 70s and 80s.
“He was the first designer to believe that fashion came from the street up, [and] believe in the intersection between art, culture, and fashion. Willie wanted to make fashion democratized for all,” Grosmann stated.
Grossman’s idea of a great fashion company is a brand that is “aspirationally accessible,” meaning they don’t fit the status quo but are avant-garde enough to be successful in the ever-changing fashion industry.
When discussing what her typical day is like, Grosmann shared her thoughts.
“I don’t usually have a typical day, per se, but I do believe in certain rituals. I have obsessive curiosity, and [I] want to be learning every minute of the day. I make time to learn something new or experience something new, even if it’s out of my comfort zone,” Grosmann said.
“As a CEO, I need to know enough about everything to ask the right questions, and I need to surround myself with others that have diverse backgrounds so I can get different perspectives.”
She recommended a self-help book by author Adam Grant entitled “Give and Take: A Revolutionary Approach to Success.” The book discusses the qualities of different leaders (givers, takers, or matchers) and how effective their leadership is in regard to their success. Grossman emphasized that she stands by the philosophy of “the giver.” As a business person, she wants students to recognize the importance of networking and, at a young age, learning to “cultivate an authentic network.”
“A network is not a social feed; [it’s] a true relationship and requires authenticity… that has been a big part of what’s made my career,” Grosmann shared.
Grossman’s mantra as a successful businesswoman is “passion, purpose and impact.” It is most important for students going into the workforce to have an impact on whatever sears they are most passionate about. We must have a purpose behind what we do as students and what we do individually for others in our personal lives. “I think it’s kinda like any other industry, you know? What knowledge do you have of the industry? And what you also have to think about is [how] there are a lot of elements of the fashion industry,” Grosmann said, when asked what advice she would give to female students at the University who want to go into the business or fashion industry.
“There’s design; there’s the business elements, there are the communications, there’s manufacturing, there’s supply chain… When you think of all of that, [think about] what parts of it excites you and then, to do the homework, what businesses and what brands do you think are doing really interesting things that are going to excite you as well. Because I think, like everything else, we all need a filter. I call it a purpose filter. And there are a dozen questions you should ask yourself before you make any decisions, whether it’s about your life, career, or business. It’s the ability to use that filter to decide what you do and don’t want to do with your life. Really think about who you believe is doing great things and follow that path.”
Grossman noted the key attributes of being a successful student and becoming a successful entrepreneur. With years of experience, she was able to enlighten the University’s community with the knowledge and wisdom of what it takes to be the next corporate CEO.
