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This is a tough balance; there are times when "busy" is, I believe, required to succeed. But long-term it has all the downsides of what you mention here. Every now and then (or maybe weekly) we need to take a step back and re-examine what's going on and plan for what's next. Maybe it's ok to plan to be busy, just not all the time :)

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Absolutely, busy can be balanced much like everything else.

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