Anne Mulcahy: It's all about staying focused.

From No Fear of Failure by Gary Burnison. Copyright [C]2011 by Korn/Ferry International. Published by Jossey-Bass, a Wiley imprint (www.josseybass.com).

As CEOs WELL KNOW, with so many people vying for their time and attention, prioritizing can be easier said than done. But just like the captain of the team must focus first on the players, a leader's priority must be the people on whom he or she relies to carry out the strategy and produce results in the field. Asked what advice she would give to new CEOs, Xerox's Anne Mulcahy drew on this lesson learned in the midst of the battle: stay focused on the most important constituencies, as Mulcahy called them, "your people and your customers."

"As a CEO, there is so much to worry about, so many constituencies. Focusing on customers and employees always has to be the place you measure your impact on the job. That guidance actually has made me constantly look at my calendar and move out the stuff that's peripheral and make sure that the vast majority of my time is spent on the two sets of people who actually make the place tick. It's not analysts, it's not shareholders, it's not bankers, it's not industry people, it's not competitors. It is actually your customers and your employees. They keep you market connected," Mulcahy observed. "If you really are engaged in connecting with your employees you discover...