I'm doing both. Finishing the third draft of A Web of Every Color. Starting to outline a new story while this one is with beta readers. Finishing a semester of school (once I review my notes and take the final exam).
I need to do more. Start to make decisions on creating an author business. Finish various books I've started. Start to set money aside for editing and cover design. Finish re-outlining Beyond the Midnight Mountain. Start a new draft of it. Finish deciding whether A Web of Every Color will actually be titled A Web of Every Color. Start brainstorming possible sequel ideas.
There's so much I feel I should be doing. I have the time to do at least some of them, but it means cutting out time with my husband, who I only see for about 2 hours on weekdays. I have all day on the weekends to choose how I spend my time, but I can only devote so mental energy to creativity and business.