Quizlet has had a big year in 2020. We’re a consumer learning company, finding itself smack in the middle of an education revolution due to the impact of a global pandemic and the increasing need for online learning. We raised a Series C round in the first half of the year, and with it came a billion-dollar valuation. But we’ve also been on a steady growth path for almost fifteen years, bootstrapped at times and now growing by volumes over the last few years. With that history, comes a lot of experience through recessions, elections, and a world full of constant change and innovation.

As a CEO, I often get asked for advice on how to grow a business and make it successful during these uncertain times. The philosophy I’ve adopted is all about balance, in fact, I think of it as a three-legged stool with three distinct parts – People, Purpose, and Profit. It’s this framework that helps to successfully navigate strange times and keep you focused on the long term goal.

When we were still less than 50 people at Quizlet, we took each of the major career tracks – software engineering, product design, marketing, etc. – and we created detailed job ladders with defined levels. We recognized that, even as a small high growth company, people want to see what their career path would look like. We are also big on feedback loops so that we are able to provide employees with development plans and growth opportunities.

Creating community is another important part of ensuring people feel good about where they work, and it’s even more essential in a time when everyone is remote and more isolated. Little things like recognition for an action, a virtual pat on the back, can mean a lot.

Leaders should be asking themselves: Are we creating an environment where people can be their best selves and can grow in their careers? Even during a pandemic and remote work?

For example, to celebrate employees and thank colleagues for great work, we created a Quizlet Values Slack channel. And we’ve created Slack emojis representing each of our 5 company values. Anytime an employee sees something in Slack that is a demonstration of one of these core values, they can simply add a reaction with the corresponding emoji and it will post that message into the Quizlet Values channel.

It’s also essential that people feel truly included. Make it your priority to create a diverse and inclusive environment.

To keep ourselves accountable at Quizlet, we publish an annual Diversity and Inclusion Report which outlines where we are making strides to have a more diverse team, and where we need to do more.

It should be your guiding light to serve your customers effectively, and not just today, but every day moving forward.

At Quizlet, we are very purpose-driven. Our mission is to help people practice and master whatever they are learning. And you might say, “That’s easy to talk about purpose in an education-focused company. But my company does process automation. Or my company is building developer tools to help increase productivity or decrease costs.” Remember, as a founder or employee, you joined your company to solve a problem for someone.

Do everything you can to stay connected to them, and understand where they are in their journeys. Talk to them.

When you start a business, everyone should be speaking to your customers and learning all you can about their needs. Check on them. Just because you have scored a customer, doesn’t mean the relationship doesn’t need nurturing. Your existing product, or service, alone won’t always keep your customer happy. Ensuring your product or service evolves and continues to be of value to them, will.

At Quizlet, we’re now over 200 employees and juggling a remote workforce just like everybody else. So we have built-in communications that allow colleagues closest to our users to keep everyone else informed. At our weekly company-wide meetings, we run a “User Spotlight” feature. And, this past summer for HackWeek, some really creative interns launched a Slackbot that delivers a new user story every day! These are just two examples of the many ways we work to stay deeply connected to the students learning on Quizlet. That’s how important it is to us.

Often, founders are given the advice to just focus on building great products and the revenue will follow. Don’t worry about the money. But you have to think about what your business model needs to be.

In particular, internet businesses are often misunderstood and not well-thought through. For instance, if you are going to build an ad-supported business model, you need to understand how the mechanics will work. Especially, “if” and “how” they fit into your product vision (and your product’s purpose).

And of course, haven’t we all been conditioned to believe the ultimate goal is to become a “unicorn”? Having just been through the journey ourselves at Quizlet, may I recommend another perspective on how to get to your billion-dollar status?

Alex is a global venture capitalist and the author of a book called “Out-Innovate”. He is quick to point out that camels adapt to multiple climates. They survive in the harshest environments in the world, and they have adapted to survive and thrive in deserts, very hot and dry. Camels are probably best known for being able to go for very long distances and time without water. In fact, they can survive without food or water for months. But what you might not know, is that when water is available, they can guzzle it faster than any other animal on earth. They know how to capitalize on an opportunity when it’s presented.

Being a camel is how Quizlet grew and reached our recent billion-dollar valuation. We’ve always been about steady growth, being financially responsible, and providing a real product solution for what our users need. In these unprecedented times, as we look at a global economy affected by a pandemic and other factors, I urge you to consider the long game for the business you are building.

Hence why I share this framework to help ground you and motivate you for building long-term success. Take ongoing care of your People. Be mindful and true to your Purpose. And don’t forget to plan for Profit. Keep all three legs of the proverbial stool strong and you’ll be able to continue to rely on it for years to come.