>>3054581I'll try to explain without referencing the guide, so I hope it be more like a walkthrough.
Start with business, the green button. Here you just keep clicking as usual, and get audition battles or practice lives(your team can help with practices like in live type events).
You'll be rewarded with the normal items, and the event's special item, charm points (the logos with the characters).
The team part of the event is the public performances. There are 3 a day at set times. I'm in the US west coast, so for me they're 7-8:30pm, 2:30-4am, and 6-7:30am. When these are active, you'll get a cutscene and the grey box on the main event page will show the ranking of teams you're performing against.