We have borrowed this section from Josh Kaufman (see Reading List: the Personal MBA):

A business is a repeatable process that:

  • creates and deliver something of value

Value creation: discover what people need or want, then create it

  • that other people want or need

Marketing: attract attention and build demand for what you have created

  • at a price that they are willing to pay

Sales: turn prospective customers into paying customers

  • in a way that satisfies the customer needs and expectations

Value delivery: deliver your customers what you have promised and ensure that they are satisfied

  • so that the business brings enough profit to make it worthwhile for the owners to continue operations

Finance: bringing in enough money to keep going and make your effort worthwhile