When people ask questions about connect something to the mains, members here will be rather guarded in their replies. Telling someone to do something that they don't have any fundamental sense of what they are doing is risky - and when mains is involved, that risk includes injury or even death.
The first thing I will say is that, if there is ANY - and I mean ANY - possibility, no matter how remote, that someone could come into contact with the metal casing of the motor, I would be grounding it to mains earth.
Second, the connection to the mains is pretty much as illustrated on the label. Blue goes to mains and the three circles around the black and white leads are representative of a switch. With the black connected to the other side of the mains through the switch, the white will be disconnected and the motor will run at "High". With the white connected to the other side of the mains through the switch, the black will be disconnected and the motor will run at "Low".
Third. Make sure any wiring you make is safe. If you are not sure about how to do this, then you should not even attempt this. Seriously.