We’ve all heard the saying “Love what you do and you’ll never work a day in your life.” There is a lot of truth packed into this statement. Passion typically lies at the foundation of every successful business. For many business owners, choosing entrepreneurship meant escaping the dull, soulless corporate jobs that simply didn’t make them happy. Instead, they wanted to get up every morning and engage in work that was exciting, challenging and meaningful.

Building a business from the ground up requires a ton of blood, sweat and tears. The entrepreneurial journey isn’t for the faint of heart. Despite the headwinds of starting a new business, passion can be a powerful driving force that propels early growth. There are countless stories of entrepreneurs who created world-class brands by simply chasing what they love.

While passion is a critical ingredient in any successful business, it can present challenges when it’s the founder’s sole focus. At the end of the day, a business must be profitable to survive. This doesn’t mean that passion should be cast to the wayside. Instead, entrepreneurs need to be aware that too much passion can create blind spots that hold the business back from achieving strategic growth and maximizing their personal well-being.

Related: Passion Alone Is Not Enough to Open a Business

1. Identify your passion traps

As humans, we’ve evolved to desire the pursuit of things that bring us joy and pleasure at all costs. For this reason, it’s easy for business owners to selectively focus all of their time, attention and energy toward parts of the business they are most passionate about. The challenge is that not every product or service provides the same amount of value to the business. If your business isn’t as profitable as you think it should be, it may be that you are falling into a passion trap.

To solve this, create a matrix of all your products and services. Next to each item, rate them on a scale of 1 to 5 in two categories — passion and profitability. Your rating in the passion column should be based on how much you enjoy working on this product or service or how much fulfillment it brings to your life. The other rating indicates its profitability, scalability and long-term potential from a financial perspective.

The items on your list with the highest combined score should be where you double your efforts, since they achieve both objectives. However, products or services that are high on passion but low on profitability are likely passion traps. These might be better reserved for a hobby in your free time rather than a part of your business.

2. Change your financial mindset

Unfortunately, too many entrepreneurs fall into the endless cycle of aimlessly trying to capture more and more revenue. While this can be great for the bottom line, it can create a lot of stress and pressure on the business owner. They end up focusing entirely on the financial side of the business and neglect the side of the business that builds excitement and purpose for the entrepreneur, which can lead to stress, burnout and loss of motivation.

Instead of the mindless pursuit of money, reframe your business’s financial goals in terms of supporting your desired lifestyle. This gives you something more tangible and rewarding that’s tied to the financial success and strategic growth of your business.

For example, maybe you started the business with the intention of having a better work-life balance, but the growing business now demands that you work 80 hours a week. An alternative mindset would be to focus on allocating some of your growing revenue to hiring a general manager to take work off your plate so you can spend more time with your family. When you tie your increased profit to your personal lifestyle goals, it makes achieving them more meaningful.

Related: What Part Does Passion Play in Your Success as an Entrepreneur?

3. Strategic delegation and outsourcing

Many businesses are started because they leverage the strength or passion of the founder. This can be a powerful driving force in designing amazing products and building excitement with customers around the brand. The challenge is that this can also be a distraction for the business owner. There are numerous critical tasks that must be completed in order to keep the business in operation, such as accounting, payroll processing, record keeping, legal compliance and inventory management. If the entrepreneur is too focused on only the tasks that bring passion, the business could struggle operationally.

The real test is when the business has grown so much that the entrepreneur no longer has any time left to work on the exciting parts of the business. This can cause the business owner to lose their passion entirely or begin to resent the business. To solve this, it’s a good idea to outsource or delegate non-passion tasks to others. This is a win-win as it ensures the business operates smoothly while also freeing up the founder’s time to do more of what they love to do.

4. Segment your schedule

Passion and profit are two very important sides of the same coin. Focusing too much on the business operations itself can stifle creativity and the passion that allows for the creation of new products, keeping the business owner engaged and driving excitement within the team. On the other hand, leaning too heavily into passion can damage your ability to operate the business effectively and stunt your growth. It’s a catch-22. As a business owner, you have to be mindful to balance your time carefully between the two. A good practice is to schedule intentional blocks of time dedicated to CEO activities and others for more creative outlets.

Related: Why We Balance Passion With Reason

Passion is a must-have attribute for any entrepreneur. However, unchecked passion can be a recipe for disaster. When used correctly, it can be an amazing catalyst for growth. As an entrepreneur, it’s important to strike the right balance to avoid unintended consequences of burnout, financial instability, stress and lack of joy from blindly chasing passion projects.

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More than 66% of U.S.-based entrepreneurs use their personal funds to launch their companies, according to data from North One, a business banking specialist. Since time is money, spending a small amount that will allow you to accomplish more in less time would be an excellent business expense, and that’s exactly what Windows 11 Pro delivers right now for just $14.97.

If you haven’t even thought about upgrading to this Windows version because the free OS does everything you need, you probably aren’t familiar with what Windows 11 Pro can do for you. Start with security, because that is of paramount importance now that you have a business, particularly if you’re risking your own funds. Advanced antivirus protection, BitLocker device encryption, biometric login and more are all built into Windows 11 Pro.

Plus, this is an operating system created specifically for professionals, to boost productivity by making your workflow easier and more convenient. You’ll love the new user-friendly interface, and daily tasks will be a breeze with improved voice typing, a far more effective search system, snap layouts, seamless redocking and so much more.

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Tech job cuts have impacted over 62,000 workers so far this year, according to tracker Layoffs.fyi. Now Amazon is laying off workers in its books business, per a leaked internal email obtained by Business Insider earlier this week.

“Today, we are taking the very difficult step of eliminating some roles on your team,” a senior Amazon manager stated in the email. “Unfortunately, your role has been eliminated.”

The email informed impacted employees that they would receive full pay and benefits for the next 60 days, or 90 days for employees who reside in New York or New Jersey, plus additional severance.

Related: Amazon CEO Andy Jassy Says the ‘Way to Get Ahead’ at Amazon Isn’t By Overseeing a ‘Giant Team and Fiefdom’

The cuts, which Reuters reported affected fewer than 100 employees, were intended to improve efficiency. The reductions affected employees working on Amazon’s Goodreads review site as well as its Kindle division. Amazon acquired Goodreads in 2013 for $150 million.

“As part of our ongoing work to make our teams and programs operate more efficiently, and to better align with our business roadmap, we’ve made the difficult decision to eliminate a small number of roles within the Books organization,” an Amazon spokesperson stated, per Reuters.

Amazon.com began as an online bookstore in the early 1990s when the company sold its first book online: Douglas Hofstadter’s Fluid Concepts and Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought. Within its first month of launch, Amazon had sold books to customers in all U.S. states and 45 countries.

In the first 10 months of 2022, Amazon sold $16.9 billion worth of books globally.

Related: ‘Difficult Decision’: Amazon Announces a New Round of Layoffs. Here Are the Roles Affected.

Now, Amazon generates about $28 billion annually from global book sales and offers more than 20 million titles in the U.S. alone. Amazon controls half or more of the U.S. market for print book sales and at least 75% of ebook sales.

Amazon has let go of roughly 27,000 employees since the beginning of 2022 to cut costs. The company announced last month that it would cut 100 jobs in its devices and services department, which includes Ring doorbells and the Alexa voice assistant. In January, the retail giant made dozens of job cuts in its communications and sustainability departments.

Many small businesses have only one owner and no employees, which means they have to handle crucial accounting tasks on their own. Fortunately, Intuit QuickBooks® Desktop Pro Plus 2024 offers everything a business owner needs to manage company finances all in one program. Best of all, a lifetime license is on sale for just $249.99, a 64% discount off the regular $699 retail price.

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Business travel during summer doesn’t have to mean stretching your budget to the breaking point. Over the years, I’ve learned that with a bit of strategy, you can cut costs and add a touch of enjoyment to those work-related getaways.

Whether you’re sealing deals or prepping presentations, these tips will help you save smart while enjoying a little extra along the way. Here are eight practical ways to make the most of your summer business travel.

1. Score big on hotels with members-only platforms

Hotel costs tend to eat up a large part of any travel budget, especially during summer. That’s why I created Tonia in Vegas. You can save hundreds on top hotel bookings without compromising on comfort or location.

From luxury stays in Las Vegas (and anywhere else in the world) to budget-friendly accommodations near business hubs, members-only discount clubs offer the best of both worlds. Plus, they throw in perks like discounts on dining, entertainment and even experiences to make your business trips more enjoyable.

Related: 8 Easy Ways to Save Money on Your Next Business Trip

2. Book flights early (and stay flexible)

Flight prices often soar in summer, so early booking is a must. Aim to secure tickets at least 6-8 weeks in advance for the best prices. Being flexible with your travel dates can also save you big bucks. Did you know that Tuesdays and Wednesdays are usually the cheapest days to fly? Midweek flights are often less crowded, too.

If you’re not picky about departure times, consider red-eye or early morning flights, which tend to be cheaper. And even if you’re tempted by business class, economy seating can save you a pretty penny.

3. Make the most of credit card rewards

Your business expenses should be earning you something in return. Travel-focused credit cards come with perks like free travel insurance, airport lounge access and points on your purchases. Rack up these points while you book your flights, hotel stays or meals and you might find yourself redeeming a free flight or hotel sooner than you think.

If your company is footing the bill, make sure you’re still using your rewards card for those bookings. Just remember to review your usage policy or reimbursement procedures to stay compliant.

4. Pack light to avoid fees

Nothing stings like a surprise baggage fee at the airport check-in counter. Avoid extra costs by sticking to just a carry-on for your trip. Choose versatile clothing that works for both professional and casual settings, like a light blazer that can transition from client meetings to dinner outings.

If you’re headed somewhere sunny, pack lighter fabrics and neutral basics you can mix and match. Don’t forget to check the airline’s baggage policy beforehand to avoid unexpected fees.

Pro tip: Rolling your clothes instead of folding saves space in your suitcase. Packing organizers can also help keep everything compact and accessible.

Related: Ease Your Summer Business Travel in 5 Steps

5. Combine work and play

Traveling for work doesn’t mean it has to feel monotonous. Blend work with leisure to make your trips more enjoyable. For instance, if you’re heading to Las Vegas, use discount platforms to snag discounts on theme parks, live shows and fine dining. Scheduling a personal day at the end of your business trip can help you relax, recharge, and experience the destination more fully.

Example: Traveling to a city with cultural sites? Visit museums, local attractions or nature parks during your downtime to get the most out of your trip.

Not only will these experiences make your trip feel more balanced, but they’ll also boost your energy when it’s time to get back to work.

6. Skip pricey restaurants

Dining out is often one of the sneakiest ways to drain your travel budget. Avoid high-end restaurants for every meal by finding affordable local gems instead. Try to uncover hidden spots offering great food at reasonable prices.

If your hotel includes a kitchenette or even just a mini-fridge, consider grabbing groceries or pre-made meals to save even more. Breakfast, in particular, can be simplified with store-bought yogurt, granola bars, or fresh fruit.

Budget bonus: Some hotels offer free breakfast, coffee or evening snacks. Take full advantage of these perks!

7. Choose hotels close to attractions

Location matters. Staying near conference venues or your other main destinations can help you save on transportation costs like rental cars or rideshares. Look for accommodations within walking distance of key attractions, restaurants or meeting sites.

Not only will this help your budget, but it can also reduce overall travel stress. No one enjoys being stuck in traffic trying to make it to a critical client pitch. If you have extra time, don’t forget to have some fun and check out some local attractions.

Pro tip: Many central hotels offer special business traveler rates or shuttle services to airports or conference centers.

8. Stay connected with Wi-Fi and free tools

Roaming and data costs add up quickly when traveling, especially internationally. Avoid costly cellular bills by making use of free Wi-Fi spots in cafes, hotels and co-working spaces.

If your business regularly requires calling or video conferencing, use free tools like Zoom, Slack or WhatsApp to stay connected.

Pro tip: Invest in a portable Wi-Fi hotspot if you often find yourself needing reliable connectivity on the go.

Related: I Sold My House to Work Remotely on a Cruise Ship for 3 Years — and I May Stay Aboard Even Longer. Here’s What My Life Will Look Like.

Final sip of advice

Smart saving during summer business travel is all about planning and flexibility. From accessing exclusive hotel rates to using credit card perks and packing light, small changes to your travel routine can make a big difference to your budget. Buy blending work and play, staying mindful of expenses and keeping an eye on perks, you’ll not only save money but also make the most of every trip. Safe summer travels and happy saving!

If you’re running a business, managing a team, or just trying to stay ahead in a demanding field, you know how essential your software stack is. Right now, you can ditch the subscription model (like Microsoft 365) and own a full-featured, professional Office suite for a one-time cost of just $49.97 (reg. $219.99). That’s a significant savings over the 2024 version, which offers only five apps but demands a higher price tag.

Office 2021 Professional still offers everything most professionals need to do their jobs exceptionally well: Word, Excel, PowerPoint, Outlook, Teams (free version), OneNote, Publisher, and Access. The tools are robust, familiar, and built to handle real business tasks—whether you’re formatting a client proposal, managing spreadsheets, designing print collateral, or coordinating project details via email.

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The AI boom has led to fast-growing startups like OpenAI, which raised a record $40 billion at a $300 billion valuation in April, and Perplexity, which processed 780 million user queries last month. However, investors claim that no AI startup has grown as rapidly as Anysphere, the three-year-old company behind popular AI coding assistant Cursor.

In January, Anysphere became the fastest-growing company to hit $100 million in annual revenue, reaching the milestone in 14 months. Cloud security company Wiz, which hit $100 million in revenue in 18 months, held the previous record. Anysphere is the fastest-growing startup of all time, according to its investors.

In the past few months, the startup has kept growing at a rapid pace. Anysphere announced on Thursday that it had exceeded $500 million in annual revenue and raised $900 million. More than a million people use its technology every day, the company stated.

The new funding round gives Anysphere a $9.9 billion valuation. The startup’s previous valuation was $2.5 billion in January, per Bloomberg.

Related: This AI Startup Spent $0 on Marketing. Its Revenue Just Hit $200 Million in March.

So what’s the secret behind Anysphere’s growth? Anysphere CEO Michael Truell told Bloomberg this week that it boils down to “the value” that the company offers. Since its launch, Anysphere’s Cursor AI tool has become popular for its ability to finish lines of code and generate new code based on prompts.

Cursor also acts like a spell check for code, automatically correcting errors so that developers save time. It can explain technical concepts and make recommendations to improve code quality.

“I think a lot of the excitement comes from the value that this tech is giving to developers,” Truell told Bloomberg.

Cursor is one tool developers are using to “vibe code,” or to prompt AI into writing code instead of writing it out manually. Google CEO Sundar Pichai said earlier this week that he used Cursor to help “vibe code” a webpage.

Related: ‘The Coolest Piece of Technology the World Has Ever Seen’: OpenAI Is Acquiring Former Apple Designer Jony Ive’s Startup for $6.4 Billion

Anysphere makes most of its revenue from Cursor subscriptions, which range from $20 a month for a pro account to $40 per user per month for a business account. Cursor also has a free tier, which includes a two-week trial of its pro plan and up to 200 code completions a month.

Paying individuals made up most of Anysphere’s revenue until recently, when the balance shifted to businesses. Late last year, the startup hired its first salespeople to market its technology to enterprises, and the effort has paid off. More than half of Fortune 500 companies are now using Cursor in some capacity, according to Bloomberg.

Cursor isn’t the only coding assistant available, competing with billion-dollar startup Replit and the $3 billion startup Windsurf, but it differentiates itself from competitors with its familiar appearance. Cursor resembles Microsoft’s code editor, Visual Studio Code, which is used by approximately three out of four developers worldwide.

Related: ‘Building It Ourselves’: Morgan Stanley Created an AI Tool to Fix the Most Annoying Part of Coding. Here’s How It Works.

With the $900 million it has raised, Anysphere wants to keep improving Cursor and bringing value to its customers.

“We want to be the ones pushing the frontier,” Truell told Bloomberg.

Most entrepreneurs are still using AI like a digital intern — rewriting emails, polishing posts and hoping for a little lift. But what if you flipped the script?

What if AI didn’t just help you run your business — what if it became the business?

Imagine a solo operation where content is created, leads are generated, and sales are made — all while you sleep. No team. No burnout. Just smart systems working around the clock.

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A lot goes into building a company before it ever makes a sale — from brainstorming the idea to developing a business plan and crafting a go-to-market strategy. Whether you’re launching a physical storefront or an online business, early-stage planning involves countless moving parts. But there’s one critical step that often gets overlooked: writing a mission statement.

A mission statement defines the purpose of your business in one or two clear, compelling sentences. It acts as a north star for your team, your customers and your stakeholders — guiding decisions, shaping culture and communicating what your company stands for. It should be completed before launch, because it lays the foundation for everything that follows.

In my experience managing 22 companies across 89 countries, I’ve learned this firsthand: the businesses with the clearest missions move faster, scale smarter and stay grounded in their values.

Related: 11 Effective Marketing Strategies to Help Streamline Your Startup

Why a mission statement matters

At its core, a mission statement explains why your company exists. It clarifies your purpose, expresses your values and points to your goals. It’s not just a description — it’s a declaration. A good mission statement is:

• Clear and concise
• Actionable and achievable
• Aligned with your company’s five-year plan

It doesn’t just inspire; it directs. When my team faces a major decision, I often ask: What does our mission statement say? That one lens can resolve uncertainty, align priorities and keep us on course.

For example, one of my companies has a simple mission: To empower individuals by providing clean, effective and science-backed wellness solutions. That clarity filters everything — from product development to marketing to customer service. And it keeps us focused on our longterm goals, not just short-term wins.

How to write a mission statement

Writing a mission statement isn’t about sounding impressive. It’s about being intentional. Here’s a simple formula that works:

“Our mission is to [main goal for the next five years], in order to [the impact you want to make].”

This structure keeps your mission grounded and forward-looking. Save the big, audacious future goals for your vision statement — that’s where longterm aspiration lives. Here are some great examples of clear, focused mission statements:

• Nike: To bring inspiration and innovation to every athlete in the world.
• JPMorgan Chase: To be the most respected financial services firm in the world.
• Ford: To help build a better world where every person is free to move and pursue their dreams.

Now compare that to their vision statements, which take a broader, longterm view:

• Nike: To do everything possible to expand human potential.
• Ford: To shorten the distance between where you are and where you want to go.

Mission statements should be memorable. If you can’t say it in a single sentence, it’s not a mission — it’s messaging.

Why it should come before launch

Think of your mission as the blueprint for your business. Just like an architect wouldn’t start building without a plan, you shouldn’t start accepting orders without clarity on why your company exists.

Your mission should guide key decisions before you ever go to market:

• Product development: Does this align with our purpose?
• Hiring: Do these candidates reflect our values?
• Branding and marketing: Are we communicating what we truly stand for?

After launch, your mission continues to guide you, ensuring that growth doesn’t come at the expense of your core purpose. It also helps your business adapt while staying anchored to its identity.

A tool for attracting the right investors and talent

Investors today want more than financial returns. They want to believe in your why. A strong mission statement tells them you’re building something that lasts — not just chasing short-term profit.

The same is true for your team. A well-defined mission increases engagement, attracts values-aligned talent and builds a strong internal culture. People want to do meaningful work — and your mission tells them what that meaning is.

Related: How to Write An Unforgettable Company Mission Statement

Set your direction before you hit “go”

A mission statement does more than clarify your purpose — it drives focus, builds culture, and attracts support. It helps every stakeholder — from employees to investors to customers — understand your business on a deeper level.

By crafting your mission before your company makes its first sale, you create alignment from day one. You establish a guiding principle that shapes every action and decision — now and into the future.

Before you launch, take the time to ask: What’s the purpose behind this business? Your answer might just be the most valuable asset you create.