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Larry Rossy’s McGill Desautels Faculty of Management Convocation Address on Tuesday, June 1, 2016

Congratulations to the newest member of the Desautels family, Larry Rossy, BA’65, LLD’16
Published: 2 June 2016

The newest member of the Desautels family of alumni, Dollarama Founder and Executive Chairman and McGill philanthropist Larry Rossy, BA’65, LLD’16, offered Seven Life Lessons to Desautels graduating students on June 1, 2016.

Chancellor Meighen, Chairman of the Board Cobbett, Principal Fortier, honoured guests, distinguished faculty members, proud families, friends, and fellow McGill grads.

When Principal Fortier asked me to give today’s address I was honoured and moved, initially, but then, I was more than a little apprehensive.

What could I say that would be of value to you at this point in your lives? How could I inspire your futures?

The things I like to talk about are mostly related to retail.  As my family knows, I really perk up when the conversation turns to things like real estate sites for a new store or interesting items I found on my last buying trip.  None of which make for “YouTube worthy” commencement speeches.

In preparing for today, I had to recall my McGill years all the way back in 1965, and, as I thought about it, I remembered friends –new and old, special professors and their classes and mostly the sheer exuberance of youth.  Suddenly I realised that, just like most of you, I had no clear direction coming out of McGill. That’s when it clicked…maybe there is something I could share with you.  Simply put, graduating isn’t the end of anything, it’s actually the beginning of everything. Whether that means pursuing your education further or starting your career – now’s the time to jump in, head first.

So, allow me to share my seven life lessons that may guide you from here.

(1) First and Foremost: Do what you love and do it with passion

If you do what you love, you’ll never work a day in your life. I’m a living example of that.  And don’t think my life was a straight line because it wasn’t and it rarely is for anyone.  I began working in my father’s general variety store as a summer job during my McGill days and then full time after I graduated. But it wasn’t written on the wall that one day I would lead that business nor was it set in stone that I would be successful in retail.  And, no one could have predicted when we opened our first Dollarama location in 1992 that we would become a national retail chain with over 1,000 stores.  I began Dollarama when I was 50 and, at 73 today, I’m still very passionate about what I do. And this leads to the next important lesson to share with you.

(2) It's not about being first at something; It's about being the best at it

I can assure you that I did not invent the dollar store concept. Before I opened that first store the concept waswidely present in the US for a number of years and there were already a few shops here and there in Montreal.  So, you don’t need to have an original idea but you need to execute it better than anyone else. I have witnessed many businesses fail by trying to copy the perceived success of others.  You must chart your own course and pursue life in your own way. When we started Dollarama, the dollar stores of that era were mostly dimly lit, messy shops that were not destined for lasting success. As result, we rethought everything – changed the product, the packaging and the entire store environment.  We focused on providing our customers with the best value. In essence, we charted our own course and executed our own vision of the dollar store. When we opened our first store, we did it carefully, conservatively and strategically. Here comes the next lesson.

(3) Do not fear failure!

You will never succeed if you never take any risks. When I was running the Rossy chain, before the switch to Dollarama, I saw our retail landscape shifting and the competitive environment getting tougher.  I saw an opportunity to roll out this new retail model, but it was a huge risk. It takes hard, emotional work to learn from what isn’t working and to try it again differently and better the second or third time around.  Truth be told, I doubt very much I would be standing before you today if I hadn’t made that crucial decision to try something new and open the first Dollarama store.  Ready for more?

(4) It's very important to always challenge yourself. Don't let yourself get bored or complacent. Try new things and, in fact, always build

You may not know where it’s going but it’s always worth the journey to try something new, and to see how things plays out.

When I first started working in the family business, I wasn’t fully challenged so I tried a number of other ventures including footwear, household textiles, and exercise fitness. Looking back, I now realize how much I have learned from my various life experiences. Like my time at McGill, each and every thing I have done has become a part of me and each and every experience has prepared me in some way for the journey that has been my life.  I have tried and failed more than once.  But, I always got up and tried again and again until I found my true passion. 

(5) Timing

Try to be aware of the windows of opportunity that open for moments in time and then may close forever.  Try to develop the skill of keeping your eyes open for opportunities as they arise, as whatever “métier” you choose, the right timing will be a key element of your success.  As McGill grads, I’m sure you are all very bright but brains alone will not make you successful.  Success requires that your intelligence be coupled with timing, hard work, and dedication to your particular field. So, if you’ve been counting, next is life lesson number six.

(6) Take every opportunity you can to learn from others 

I have learned from all the people whose paths I have crossed throughout my life. I believe wholeheartedly that you win by being a good listener.  And lastly…

(7) Once you attain a modicum of success, giving back matters 

The most important thing that success has brought is the ability to give back. It wasn’t obvious to me when I started out, but I can assure you that as your ability to give grows, so will your generosity or, at least, so it should.  Creating the Rossy Cancer Network and The Rossy Family Foundation has fulfilled our lives immeasurably.  Believe it! - it is better to give than receive.

 

Should you choose to follow this advice and use your God given smarts, plus all you have learned here at at McGill, then there’s a chance that, one day, you too will be invited to give the convocation speech.

It has been said that the secret of success is a good spouse and a happy family life.  I have been blessed on both counts. In this spirit, I am delighted to share this honour with my wife Cookie and my family here with me today. We are humbled by this honour.

Please allow me now to close with a “shout out” to Montreal. I’ve been fortunate enough to travel the globe and, in my humble opinion, Montreal is an incredible city, in a great province and one of the best countries on earth! I hope that your time at McGill has turned at least some of you into Montrealers.  We welcome you with open arms.  

To the Class of 2016, remember this great day and remember this great achievement. Remember, above all, that “Life is a gift and the way you live your life is your gift to those who come after you.”  Make it a fantastic life by seizing each moment and always challenging yourself to do better and to be better than you were the day before.

Thank you and congratulations Graduates!


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