What is a business?

At the end of the day there are really only three criteria to any type of business: audience, engagement and revenue.

Your audience is a mix of the people who don’t need your product or service yet, people who need your product or service now, and people who will need your product or service again.

Engagement isn’t always easy to define and often depends on the medium and your business goals. But I love this definition by Jorrith Schaap of Crowdy News, the world’s largest social media curation platform (according to its site): “The extent to which website visitors are interested or actively involved in your content.”

Revenue is pretty straightforward. It’s the amount of money that a company actually receives during a specific period, including discounts and deductions for refunds.

Your strategies and activities should boost the performance of one, two or sometimes all three of these metrics. If not, then you have nothing more than a very expensive hobby.