Chapter 1: The Balancing Act of Startup Leadership

Navigating the landscape of startup fundraising is a challenging endeavor for CEOs, especially when there’s a constant juggling act between multiple priorities. After two decades of leading startups through various fundraising efforts, I've discovered a prioritization technique that every startup leader can adopt to focus on a critical task while keeping the rest of the business intact.

The challenge is particularly pronounced during fundraising phases. As a startup CEO, you often find yourself torn between two conflicting priorities: raising capital or pursuing growth, but attempting both simultaneously often leads to a standoff.

Fundraising is a lengthy and complex process, typically requiring at least six months of dedication from the initial outreach to the final agreement. This creates a startup paradox: how does a CEO raise funds without allowing company growth to stagnate?

Adding to this complexity, startup CEOs often wear multiple hats, balancing their executive duties with various operational roles. When faced with the pressure of a single pressing priority—be it fundraising, increasing sales, or acquiring talent—many areas of the organization may suffer.

Committing to a Singular Priority

It's common for startup leaders—and even their teams—to juggle numerous "top" priorities at any moment. Many so-called experts will advise you to eliminate distractions and focus solely on one task at a time. While this sounds appealing and motivational, it is often impractical.

Successful startup leaders know that if you consistently have just one top priority, you may be stuck in a mid-level position at a larger corporation. This approach can lead to boredom and a lack of engagement.

The solution is a well-guarded secret among CEOs—it's straightforward enough to apply without being overly simplistic. Once you've identified your primary initiative, follow these four essential rules to accomplish it without neglecting other aspects of your business or personal life.

Rule 1: Establish a Clear Timeline

Setting a specific timeframe is crucial, yet it’s often overlooked. Your timeframe should align with your quarterly or annual plans to minimize disruption.

Recently, I dedicated 30 days to a singular focus. During that period, it was my first priority each morning, my reference point for daily commitments, and the last thought on my mind each night. I communicated this commitment to key stakeholders, making it clear that other tasks might be delayed. This not only reduced the number of requests for my time but also streamlined my focus.

By the end of the 30 days, I had achieved around 95% of my goal, which was perfectly acceptable given my strategic plan.

Rule 2: Develop a Disengagement Strategy

One common pitfall leaders face when concentrating on a single priority is abandoning the plan before the timeframe concludes. Conversely, many leaders extend their timelines indefinitely if they don’t reach their goals in time, which can lead to neglecting other business areas.

To avoid these missteps, create a disengagement strategy towards the end of your designated timeframe. If your commitment was for six months, for instance, assess your progress about 18 days before the conclusion. Evaluate where you stand compared to your initial objectives and devise a plan to address any shortfalls once the period of concentrated effort ends.

Even after the designated time, the priority can still remain a secondary focus, but be prepared to shift your attention back to other initiatives.

Rule 3: Avoid the "Back Burner" Mentality

I dislike the term "back burner" for tasks that aren't your top priority, as it suggests that everything else is either a priority or not. This binary approach is often unrealistic.

As a leader, you need to remain aware of your surroundings, address issues as they arise, and provide guidance when necessary. It’s essential to differentiate which tasks will receive some attention and which will be entirely deprioritized. For those that will still be monitored, clarify the extent of your involvement.

You may find that several tasks don’t require your input at all, as many leaders accumulate unnecessary time-wasters over time.

Rule 4: Delegate and Let Go

Once you've determined which tasks need your attention, the next step is to reduce your involvement and delegate effectively.

Managing priorities doesn’t mean neglecting lower-priority items; it means overseeing them while empowering others to take the lead. This can be challenging for many leaders. If you find it difficult to let go of a task, consider whether it's a habit you need to break. If you struggle to delegate, assess whether you trust your resources.

Address these issues before entering your focused priority period to avoid getting pulled back into the daily grind.

If you're interested in actionable insights, consider signing up for my free newsletter at joeprocopio.com for updates. For a more hands-on approach to startup guidance, try a free 15-day trial of Teaching Startup. It's a fraction of the cost of traditional consulting and fits your schedule. Use invite code MEDIUM for half off your first month after the trial.

A version of this article originally appeared in Inc. Magazine, where I provide a weekly column on startup and innovation advice.