Having worked with many entrepreneurs over the last 20 years, I’ve found that the one common difference that separates entrepreneurs from the rest is that they create their success and wealth through innovation.

Whether that innovation is introducing a new product, a more efficient distribution system or a novel approach to marketing, entrepreneurs are driven by doing something  unique.

Think about how your company creates wealth and competitive advantage.

Usually it involves providing a good product, properly priced, at the right time and place to satisfy a customer’s needs.

However, the true source of wealth creation is much more complex. It’s almost always traced back to some kind of innovation.

If there is any doubt about the wealth that can be created through innovation just look at the billions earned through the innovations introduced by Michael Dell (Dell Computers), Steve Jobs (Apple Computer and Pixar), Bill Gates (Microsoft) and Larry Page and Sergey Brin (Google).

These companies and individuals brought to the world something truly innovative and became billionaires in the process.

For another more local B.C. example, a client of ours recently demonstrated the way innovation contributed to her personal wealth creation. From the launch over 10 years ago of leather-soled baby shoes made in her basement, to the sale of her company to a major U.S. – based company for over $30 million, innovation was the main wealth driver.

What was the innovation?

Understanding that mothers wanted a baby shoe that did not slip off, and that beautiful designs sell. Simple and effective.

Another example of innovation and wealth creation with which I was personally involved was the launch of Mike’s Hard Lemonade. At that time there were already several alcohol-based lemonades on the market. The innovation came from marketing, not the beverage. The company created a whole new category of products that had a positioning similar to beer, but had the flavour and easy drinking appeal of a cooler – something nobody had done.

Tens of millions of dollars of wealth were created in a very short time. So how do you foster an entrepreneurial attitude within your organization that will lead to these kinds of innovative breakthroughs? First you need to think like an entrepreneur, and then get the rest of your organization to do the same.

The five key habits of entrepreneurs that I believe contributed most to their success are:

• Be a networking guru. New ideas don’t usually come from within, but from outside. Talk to a wide variety of people inside and outside of your industry. Learn to connect the dots and think laterally to uncover opportunities. Always include customers as part of this networking group.

• Multi-task like a pro. Have 50 different activities in the hopper at once. Some of these need to be able to create wealth in the short-term – important for paying the bills today and creating the necessary funds to invest for tomorrow. Others activities should have a longer term horizon and generally be potentially more lucrative.

• Focus like an eagle. Although you have 50 activities in the hopper at once, you need to differentiate between what is important and what is not. True entrepreneurs make things happen and get things done – timely, effective execution is critical. Successful entrepreneurs sweat the details

• Take risks like a poker player. No risk. No gain. You need to put your chips on the table to win the pot. Try to quantify the risk by gauging the worst and best case scenarios, then decide to go hard (all-in) or slow (call or raise the bet). Remember you cannot win unless you play the game.

• Run like a cheetah. Go fast. Be paranoid of everything. Never let your guard down or become complacent. Your competitors want your most profitable customers and will get them, unless you’re aggressive enough to defend your market position.

Nurture and cultivate these entrepreneurial traits. And remember that acting like an entrepreneur within your organization will drive innovation and be your greatest source for success.