PBM involves several key steps: 1. Define Goals: The entrepreneur sets specific, measurable goals such as lead generation, sales, or website traffic. 2. Choose Partners: Select marketing partners or platforms that specialize in performance-based models. 3. Track Performance: Employ tools to track the performance metrics in real time. This could be through analytics software or third-party services. 4. Pay for Results: Payments are made based on the pre-agreed metrics, ensuring that the entrepreneur only pays for actual outcomes.