The latest entrant into the social media orbit is an audio-only chat app called Clubhouse. The internet company had a $1 billion valuation even before it had a business plan. That is even more surprising, since membership is by invitation only. On January 24, 2021, the company announced its latest $100 million fundraising effort and, for the first time, presented a rough sketch of how it plans to start generating sales. Its founders, Paul Davidson and Rohan Seth, are hoping to offer paid subscriptions, ticketed events, and other schemes to turn the site profitable. You need to know an existing…