This is business, it isn’t personal. A phrase commonly heard after suffering some kind of entrepreneurial loss.
The phrase could be considered as another way of saying; disconnect emotions from business.
Even though it could be considered smart to limit emotional reactions in many cases, there is still a need for an emotional connection.
Running a business is hard. If not for passion, where do entrepreneurs find the fuel to fight every day?
There definitely is a place for emotions in business.