A hyperlink is what links one peice of content (an image, a word, etc) to another place on your website. Editing a hyperlink is very easy.
Navigate to the page or content item that you want to edit. For example, if your item is a sidebar item, then go to sidebar and select edit to the corresponding item. In this example, we're editing a homepage item.
In Basic mode, highlight the linked item -- in this case, it's the words 'Learn More' in the content section. With the text highlighted, we click the hyperlink icon in the html-editor.
We will now see the hyperlink editor pop-up.
Simply link to the proper page or item. You can use full links like this:
Or, ass long as the linked page is on your own site, you can just use a relative link like the example above.