Seven Secrets of a Serial Entrepreneur

SMITH BRAIN TRUST -- Entrepreneurs beat long odds when they launch a company, scale it up and sell it to investors. Smith School alumnus Jason Cohen has done it five times in 15 years with brands such as Sensible Portions low-calorie snacks, Rickland Orchards yogurt, SkinnyPop popcorn and Mrs. Thinsters cookies. Now Cohen and his partners are focusing on identifying high-potential startups that need capital and expertise to grow. Their latest project is a jerky company called Chef’s Cut. “If we invest in your business, then we believe it can be a $50 million to $100 million business,” says Cohen, who lives in New Jersey. “And you’ll get a roadmap from an entrepreneur who has been in your shoes.” Part of that roadmap includes the following seven secrets of Cohen’s success.

Secret 1: Don’t Wait for Permission. Cohen has tried working in corporate America, but he loses patience when people want multiple meetings and signoffs before they do anything. “If you have to ask other people’s advice, then you’re probably not an entrepreneur yet,” Cohen says. “An entrepreneur just knows that there’s something missing, and there’s an opportunity.”

Secret 2: Put Yourself Second. Cohen says he spent many sleepless nights early in his career, when he was paying others but not himself. “You have to have the mentality that at some point you will get overpaid or over-rewarded for those sacrifices,” he says. “But you’ve got to have the stomach for that. You’ve got to put yourself second and other people first.”

Secret 3: Find the Right Money. Most new entrepreneurs look for capital anywhere they can find it, but Cohen says taking money from the wrong sources can sink a startup. That’s because money buys influence, and entrepreneurs can find themselves beholden to investors who don’t understand a particular industry. “I see a lot of people doing what their investors want them to do,” Cohen says. “They listen to too many people, and then they go off in too many directions.”

Secret 4: Ask the Soccer Team. Some companies test new products with focus groups and surveys, but Cohen has found success with a less scientific method. “I would bring home new products to my kids,” he says. “Kids are brutally honest.” Cohen also brings products to his children’s soccer games and gathers feedback.

Secret 5: Go Mystery Shopping. Cohen gathers additional market intelligence every time he shops. Sometimes he watches covertly. Other times he approaches strangers and asks them why they put certain items in their carts. “My wife hates sending me to the supermarket because I can spend hours there,” he says.

Secret 6: Share the Journey. Entrepreneurs must think about their families when assuming risk and making commitments. “Your family needs to buy into you as well,” Cohen says. “Without them I couldn't do what I do. I've seen too many people make mistakes because their spouses weren't confident in their choices.”

Secret 7: Find Your Purpose. People need money, but Cohen says successful entrepreneurs find higher purposes. “An entrepreneur is someone who wants to take a lot of pain for the opportunity for ultimate reward — not only for themselves, but hopefully they’re doing something that’s going to help others,” says Cohen, who will serve as a guest adviser for Pitch Dingman at the Smith School's Dingman Center for Entrepreneurship in fall 2015.

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