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Please welcome our next guest here to our empowering female village: Malvina Guretsky (aka “MAG”),
A former Wall Street A-lister who walked away from a lucrative executive career at investment giant Deutsche Bank to become a mumpreneur.
She was one of only eight women selected from her division to gain entry into a leadership program that would fast track her to the C-suite as a Managing Director. Entering an intense coaching program, she was prepped with all of the tools and resources she would need to run the company, leaving colleagues in bewilderment when she resigned.
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Why would she take the off-ramp at the very height of her career?
The short answer Malvina Guretsky reveals:
“The higher I climbed in my career, the further I lost my identity.”
Co-breadwinner with her husband providing for their three children, Malvina Guretsky confesses she had no answer to the obvious question from concerned family and friends: “So what’s next?”
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Malvina’s next move was completely unexpected, leading her to the fashion retail industry. This Mother’s Day, she will be opening completely new doors – those of her new boutique MAG Tricotes, launching a unique hand-knitted clothing line designed for women and little girls. She has also caught the attention of Martha Stewart and appeared live making her unique fashion statement on the The Female Entrepreneur show taped April 4, 2011!
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Do superstar women at the top of their game abandon their career to spend more time with their families?
They would, when they no longer recognize their reflection staring at them in the mirror, Guretsky’s story reveals. This In Our Shoes interview captures dream shoes in the making; we’re honored to have Malvina Guretsky here with us to share her success stories!
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IN OUR SHOES: Malvina, welcome to In Our Shoes! I will start by saying that your story reads like a bestseller off the fiction shelf! First, tell us a bit about your background.
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MAG: Thanks so much. I was born in the Ukraine and came to the US shortly after my seventeenth birthday with only a few hundred dollars in my pocket. I picked up English in nine months and received a full academic college scholarship to NYU in their computer science and math program. I later entered the financial services industry, building proprietary order routing systems across US trading floors for brokerage firms.
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IN OUR SHOES: Your last career move was accepting a Director level position at Deutsche Bank Global Equities Division. Did you ever have any doubts about whether you would succeed in that new role?
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MAG: I never had doubts. I knew that the role would come with many unknowns and would be a challenge given its global presence. I had just left a position at a brokerage firm where there was no real challenge left for me. I had moved up and sideways and still there was no change. I was ready for something new and exciting.
IN OUR SHOES: Although a veteran in the financial services industry, this was a very senior role with far more reach than you had in your career thus far. How did you approach stepping into these shoes?
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MAG: From my observation, a woman would take a more structured approach to the decision-making process; she would get actively involved in every intricate detail of every task being handled by her team. I was no exception to that rule – I first spent a lot of time with my internal teams as well as with my clients, understanding and often experiencing firsthand their challenges and frustrations. I then analyzed the data collected, and only then I proceeded to make executive decisions. Granted sometimes this approach takes considerably more time than simply directing, yet I believe in the end it yields better results.
A good friend of mine once told me that the best leaders are those who know the strengths and daily tasks of their employees, two levels down. He believed that if every corporation were run like that, the results would be astounding. I have tested this theory and I am now a firm believer that it works.
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IN OUR SHOES: Talk to us about failure. Were you scared to fail?
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MAG: A close friend coached me early on and gave me a great advice. He said that it’s okay to be nervous, but not to be scared. I never forgot that.
A failure is commonly defined as lack of success. I simply define it as a valuable lesson learned. We can all learn from our mistakes and change direction, which is not the same as failure.
IN OUR SHOES: Step us into the shoes of a Director of Global Equities at a leading investment bank. What is it like?
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MAG: Honestly, I’ll admit it was glamorous at first. I was traveling on business one to three weeks a month jetting between North America, Europe and Asia. The money was great and I was being challenged once again. Things however began to change for me when I was selected for a leadership program, which would promote me to a Managing Director.
The game had changed to something I had not been exposed to before. I was being prepped to be a master at navigating the corporate landscape to survive, watching my back at every turn, and essentially being groomed to win by a man’s playbook.
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IN OUR SHOES: What was the primary reason that led you to resign? That’s a lot of traveling for a mom with three kids at home. If the travel had been eliminated, would you have stayed?
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MAG: I would love to sit here and give you the socially acceptable answer admitting to missing my kids. The travel was absolutely grueling after a while and I did miss them, but it wasn’t the driver behind my decision to leave. The corporate game I learned to play and liked too much was changing me into someone I no longer recognized. I questioned who I was every day, and worse, I soon found myself playing this game at home. I could no longer distinguish between my identity at work and at home.
The money was excellent and my role was esteemed, but it pulled me away from the person I was.
IN OUR SHOES: What was the reaction of senior management at Deutsche Bank when you submitted your resignation?
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MAG: They were hands down shocked and in disbelief. They heavily hinted on more than one occasion at throwing more money at me to change my mind. I wasn’t surprised. Managers often use this easy approach, assuming that would be a quick solution to any problem.
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IN OUR SHOES: What did you do once you found yourself in the shoes of a stay-at-home mom?
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MAG: I absolutely loved being a stay-at-home mom and being with my kids! I embraced it all. I turned the house upside down and took on home makeover projects! I registered my kids in extra curricular activities, started driving them around, getting to know them, their teachers, my neighbors – all the things I hadn’t had the time to do before. I grew a large organic garden and began harvesting vegetables. I spent time with friends and family and just kept myself busy.
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IN OUR SHOES: It must have been a sharp change for you to suddenly be on a soccer mom schedule. You created a clothing line after only four months of being at home as a full time mom!
MAG: My intention after leaving Wall Street was to give myself enough time to focus on the next step. It just turned out that the next step for me was something that I had been passionate about my entire life – that is fashion and couture knitwear. The second I picked up an old pair of knitting needles, I knew that was it. I also had a clear vision for my store – a vision of a small boutique that felt like home, where each garment was lovingly made by hand, where every piece reflected the skill of the designer and the artisan, where the fabric would be so soft, one just couldn’t help but want to touch it, where the cut was so classy and design so timeless, one never had to worry about trends, where the client actually had a say in the final product. I started networking, designing, selecting fibers and colors, hiring professionals in order to grow my new business venture: a hand-knitted couture clothing line for women and babies. Four months later, I had filed to incorporate MAG Tricotes.
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IN OUR SHOES: Talk to us about the loss of your income. That must have been a substantial cut for a family of five given an established quality of life.
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MAG: It was a financial setback we were ready for.
My husband and I were prepared to downsize and sell our house, if necessary.
Lack of money doesn’t scare me. We have always lived within our means, no matter what those means were. We never carried any debt. After I had resigned, we made some adjustments to our lifestyle. I no longer needed to turnover my wardrobe every month. We no longer had a need for a live-in nanny. Seeing how my kids loved having me at home really shifted my priorities.
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Anyone can afford to quit the job to pursue one’s dream. We’re allowed to wake up one day and choose to be happy at work. What’s more important? My cousin graduated from Columbia University in the top 3% of her class. She had every lucrative job offer you can imagine. Instead she chose to become a park ranger in New York City. A great day for her is when she rescues a baby eagle that falls from its nest! Now that’s inspiring!
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IN OUR SHOES: Did your friends and family support your decision to resign?
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MAG: My mother was devastated. I’m her only child; she was extremely proud of me and was always bragging to everyone about my career success. She didn’t take the news well and was worried about how we were going to adjust with only one source of income for the foreseeable future.
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IN OUR SHOES: Malvina, you’ve achieved success working in Corporate America. Now you are venturing out on your own starting your own clothing line. Tell us some things that you want people to know about your approach to success.
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MAG:
I do not take no for an answer. When people tell me that I cannot do something, I just smile. I embrace every new challenge with open arms..
IN OUR SHOES: Tell us three things that your closest friends would be shocked to know about you.
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MAG: I am very open with those who are close to me, thus I’m afraid I can only come up with a couple of facts, if any. My friends would probably not believe this, but I am a 100% true blooded introvert. That’s not to say I’m anti-social. I just don’t enjoy small talk and empty chatter. When I have to go to a social event, I thank G-d when it’s over and I can go home and put my feet up. Introverts tend to engage in one long meaningful conversation – and that is what I enjoy most of all. The second little secret is that I was a pretty good rifle shooter for ten years in the Ukraine, earning second prize at a National competition. I’m also a control freak and a perfectionist – but I don’t think it’s a big secret.
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IN OUR SHOES: Tell us about the challenges you faced as you started MAG Tricotes?
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MAG: I can count on one hand the things I knew about starting my own business. I knew how to knit. I knew how to find the right people. I knew how to select fine fibers. I knew how to get people together for a common goal. That was it.
You don’t know what you don’t know. I didn’t know how to price my garments. I didn’t know how to track inventory. I didn’t know how to scan the tags or what search engine optimization was all about. The list goes on and on. Guess what? Today I know how to do all of those things. I am sure tomorrow yet another unknown will come up, and I am sure that I will overcome that challenge, too.
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IN OUR SHOES: Malvina, you appear to be a restless soul. Is that a true statement?
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MAG: Yes, I am absolutely restless. I am restless in my determination. As a perfectionist, I am constantly second-guessing: “Did I do it right? Could I have done it better?” I am never content with what I’ve achieved, I always want to do better.
Us women tend to be our own toughest judges. We often carry self-doubt on our shoulders, and second-guess our actions. Our goal is to always jump better. Men, on the other hand, always want to jump higher.
IN OUR SHOES: What led you to start a business striding such foreign territory without prior skills or experience working in the fashion retail industry?
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MAG: The career I had was admittedly glamorous given the money and travel. There was nothing more satisfying than my work.
The price I paid for that first class seat however was with my precious family time. It was simply time to shift my priorities and start something new.
The most important qualities I possess are: my passion, my impeccable customer service skills, my ability to find the right people for the right job, and a healthy belief in myself. The rest can be learned.
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IN OUR SHOES: Where do you see the future of MAG Tricotes? Tell us about your dream shoes.
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MAG: I see myself extending into home and ladies accessories such as crocheted purses and hats, hand knit cashmere covers for pillows and sofas. I’m also envisioning four more stores located in Greenwich, Manhattan, Beverly Hills and Aspen.
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IN OUR SHOES: Switching gears, as you know In Our Shoes also takes a stand for supporting career women in the UK. What is your perception of career women in London given your frequent travel there for Deutsche Bank?
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MAG: Working for many months in Europe, I discovered that a British woman’s lifestyle appeared to be more traditional than that of an American career woman. I saw how natural, and almost expected, it was for a career woman in London to call it quits and stay home after having a baby.
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IN OUR SHOES: What advice would you share with women who want to go after their dream shoes but are battling the economy’s pressures or are single moms?
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MAG: There will always be various pressures and challenges in life. There are some people who will wake up and say: “Today it’s not sunny, so I won’t do this” or “911 just happened, I can’t do it now.” We can only worry about things that are in our control, the rest are either obstacles to overcome, or simple excuses.
Living your life means just that: living your life. We only have one. Know what you want and go for it.
It’s better to look back and say “I tried and had a good run” rather than “I should have tried it and now I will never know.”
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IN OUR SHOES: Why did you choose In Our Shoes as the platform to host your first interview?
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MAG: I like working with people whom I can trust and I know I could trust you and your work here. I love inspiring other women AND being inspired by them.
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IN OUR SHOES: You are about to open your boutique in Scarsdale, NY on Mother’s day. Do you have any doubts about its success?
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MAG: My experience, my passion, and my intuition will lead it to success. I am nervous, but not worried. I just know:
If you want to succeed at something you have to wave away any fear of failure.
What inspiring advice. What we love about Malvina’s story is how she outgrew the corporate career shoes that no longer fit with her family life to pursue a lifelong passion with an optimistic spirit.
It also answers the pressing question swirling around every women’s lifestyle media channel: Why do women abandon the C-suite?
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Malvina’s label, MAG Tricotes (tricoter: “to knit”, in French) is a creative play on her initials (Alexandrovna is her middle name). This spring season Malvina Guretsky opens the doors to her luxury boutique in Scarsdale, NY. In her boutique she created an intimate environment, which allows Malvina to provide an unsurpassed personalized shopping experience to each and every client. MAG’ high-end, unique hand knitted and crocheted clothing line for sophisticated women and little girls delivers high end fashion with MAGnificent flair.
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You can visit MAG Tricotes boutique at 120 Christie Place Scarsdale, NY 10583 and online to preview the MAG luxury line of unique designer pieces at http://www.MAGTricotes.com.
: http://www.facebook.com/MAGTricotes.
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