What they said. You're probably thinking of brushed DC motors. With a brushed DC motor, it is possible (although extremely inefficient) to drop the speed of the motor by putting a resistor in line. The resistor drops some of the voltage (producing heat) and ignoring load, the DC motor's speed is (roughly) proportional to voltage.
For an induction motor like those fitted in a bench grinder, the speed is more closely related to the frequency of the supply (50 Hz in the UK), although the voltage is relevant too. Putting a resistor or potentiometer in line will drop some voltage across the resistor, which will move the motor out of its optimal operating conditions, but it will still want to run at the same speed. Most likely it'll just produce a bit less power or stall; it certainly won't give you a useful variable speed drive. For that, you need a variable speed supply, which (put simply) will typically allow you to vary the frequency while keeping V/f (voltage divided by frequency) constant.