Time is the singular measure of life. Knowing how to spend it well is the most important skill one can have.
Investor Relations (if not bootstrapping)
Employee Morale / Engagement
Being Mentored (trusted advisors)
Physical / Spiritual Health
Relationships (inter-company, personal and industry)
The exact location of time to each is highly dependent on the type and stage of business and what's facing the entrepreneur and their business and life in any moment.
Happy to talk to you if you feel conflicted or confused.