I started One Day One Job because I couldn’t land a job. After taking a bit of a break after graduating college, I realized that employers weren’t too keen on hiring someone who had been on the job market for a while. The only way that I was going to get experience was to create it for myself. People with criminal histories face a similar, but much more dire problem. That’s why Defy Ventures was started. They’re a New York, NY based non-profit that “provides carefully selected, ambitious men and women who have criminal histories with life-changing entrepreneurship, leadership, and career opportunities.”
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Have you ever seen an article in the middle of the day explaining that a stock’s price was rising on specific news and then seen essentially the same article in the evening saying that the same piece of news caused the price to fall? There are rare occasions when it actually works out that way, but often it’s just lazy journalism. The truth is that it can be pretty hard to explain why a stock’s price moves up or down; however, we all know that specific products can have a huge impact on how a business performs. That’s why Trefis has developed a set of tools that “helps you understand how a company’s products impact its stock price.” The Boston, MA based company “was founded by MIT Engineers and former Wall Street analysts who realized that most people do not understand the seemingly familiar companies around them.”
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A lot of thoughts come to mind when the name Hilton comes up. Hotels. Paris. Conrad Hilton’s appearance in Mad Men. Some of these thoughts are more positive than others, but the most positive should probably be for the Conrad N. Hilton Foundation. It’s an Agoura Hills, CA based non-profit “family foundation established in 1944 by the man who started Hilton Hotels” that provides “funds to nonprofit organizations working to improve the lives of disadvantaged and vulnerable people throughout the world.” The foundations assets are more than $2.4 billion, so they’ll be doing a lot of good for a long time.
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Investing is about information. To do well you either need the most accurate information, the fastest access to information, the best analysis of information, or luck. Most individual investors rely on the latter (even if they don’t realize it), while most institutional investors are doing everything they can to get the best information and analysis as fast as possible. eVestment helps clients do this. The Marietta, GA based company was founded in 2000 when three consultants realized that their clients were faxing data and entering it into Excel. They solved this problem by putting the data and analytics tools in the same place–the cloud. eVestment provides both, though clients who want to use different data can bring it right into the analytics packages.
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I haven’t developed much of an opinion on the Syria situation yet, but I know that there are some things that everyone can agree on. One is that we need people looking out for the country’s children. More than a million kids have already fled the war, and there was a non-profit working to help them well before Syria became a staple of the evening news. It’s called Mercy Corps, and it’s a Portland, OR based organization that helps “people in the world’s toughest places survive the crises they confront and turn them into opportunities to thrive.” (Here’s what they’re doing in Syria.) They got their start in 1979 by raising $1 million to provide aid in Cambodia, and ever since they’ve been doing work all over the world.
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Yesterday we looked at Boys & Girls Clubs of America, an organization that aims to “promote and enhance the development of boys and girls.” Today’s organization has a similar sounding mission, but they’re doing very different work. Boys Town is an Omaha, NE based non-profit that gives “at-risk children the family, support and care they need to overcome their circumstances and realize their potential.” A Boys and Girls Club is a safe place to go for a couple of hours after school–Boys Town is about giving children a safe place to grow into healthy, happy adults.
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I have a simple personal investment strategy. The majority of my time, attention, and money goes back into this business. Most people think that investing is about buying financial instruments like stocks, bonds, and options. That can be a part of it, but it’s really about putting your resources to work for you. At this stage in your life, you should be investing in yourself as much as possible (since you’ll be reaping the returns for the next 70 years). Once you get a bit older, you can take a more traditional approach. That’s what Bailard specializes in. They’re a Foster City, CA based “employee-owned investment firm that has served institutions and private investors for over forty years.”
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Our country has produced some truly amazing individual success stories. They are names that we all recognize like Carnegie, Vanderbilt, Rockefeller, Walton, Buffett, and Gates. Not surprisingly, most of those names have ended up attached to foundations–when you have that much wealth it’s hard not to put it to work doing good. Just look at The Rockefeller Foundation. They are based in New York, NY, and their mission is “to promote the well-being of humanity throughout the world.” The Foundation was incorporated in 1913 with a $35 million gift from John D. Rockefeller Sr. (he added $65 million the next year). More donations and smart investment have led the endowment to grow to over $3 billion today.
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One of my favorite tools for company research is CrunchBase. While it isn’t typically all that detailed, it’s a great way to get a quick overview of many privately held companies–especially startups. Just the information on investment rounds is insanely valuable to me, but it’s far more valuable to entrepreneurs seeking capital and venture investors. They need to know what’s going on in their industry, and CrunchBase doesn’t go deep enough. There’s a site called ChubbyBrain that tried to build a similar, but deeper database, but it doesn’t seem to have worked out. However, that team is now behind a company called CB Insights, which is based in New York, NY and “helps you track the world’s most promising private companies, their investors, their acquirers and the industries they compete in.”
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One Day One Job is hiring paid Growth Interns/Apprentices/Hustlers! Help us help more student find their dream jobs.
I like to keep tabs on the venture capital market. While I have no intention of taking outside investment, I enjoy reading about entrepreneurship and where people are seeing new opportunities. But that’s not the only reason. When companies get funded, it’s often for the purpose of hiring new people. So when I hear that a company just took a new round of investment, I know that there’s a good chance that new positions popping up on their Careers page. TechCrunch usually goes deep enough for my purposes, but people who are in the industry need much more in-depth information. That’s why go to PitchBook, a Seattle, WA based company that provides “clients with the highest-quality PE and VC data, news and information, with an acute focus on deals and companies.”
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Before I discovered Bonobos, I used to actually buy clothes in retail stores. I guess you could say my style was preppy (and probably still is) considering the fact that I haven’t owned a pair of jeans since 7th grade. Back when I was still buying clothes in stores, J. Crew was the definition of preppy (barring Brooks Brothers of course), so that’s where I shopped. They seem to be making their image more “hipster” these days, but I’ll guess that’s based more on a change in fashion than a change in their target demographics. Anyway, J. Crew is a New York, NY based company that started with a catalog in 1983 and opened their first store in 1989. They’ve grown into an amazingly recognizable brand, and recently they’ve started growing another brand called Madewell.
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Over the course of your life there will be a few financial decisions that will have an oversized impact on your personal wealth. Not buying coffee from Starbucks or turning the thermostat down two degrees will have a small fraction of the impact. You absolutely have to get the big decisions right. But how do you know what the right decisions are? SmartAsset is a New York, NY based company that provides “all the information and analysis you need to make the best possible financial decisions.” In my opinion, they’re not quite there yet, as they’re still in beta. But they have started with home buying which is definitely a high impact decision.
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Most of the companies that we feature have business models that are pretty easy to grasp within a few minutes. Unless they’re a startup with a lot of funding and no business model yet, it’s pretty easy to figure out how they make money. That’s not really the case with proprietary trading firms, though they certainly make money. We’ve featured a few in the past including Jump Trading, Wolverine Trading, and Belvedere Trading. Today we’re going to add another to the list, Chopper Trading, which is a Chicago, IL “technology-based proprietary trading firm that operates in a range of global markets and trades on several major exchanges.” That’s about all they’ll tell you. Proprietary trading firms are in constant competition with each other for talent, technology, and profits, so they keep the details of their businesses secret. (They did spill one secret though–Chopper Trading is named after the CEO’s dog.)
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While I built this site to help college students internships at interesting companies, I’ve heard from a few people who use it very differently. One of the most surprising uses was from someone in Corporate Development at a pretty big company–she was using the daily e-mails to source potential acquisitions (though I don’t think any have actually happened). I think that’s pretty cool, but there are certainly better places to find deals. AxialMarket is one of them. They’re a New York, NY based company that “is revolutionizing the capital formation process for private companies.” In other words, they’ve built a marketplace where private companies can find partners for “M&A, capital raises, and debt financings.”
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I hear from a lot of you that you want a career that makes the world a better place, but I know that some of you just want to make money (even if you’re afraid to admit it). If one were to design a business to generate profits as efficiently as possible, it would probably look a lot like a proprietary trading firm. A prop firm is one that doesn’t have any outside investors, so it can focus entirely on generating profits for itself without the worry that investors might want to pull their money out. Belvedere Trading is one of these firms (others that we’ve featured include Wolverine Trading and Jump Trading). They’re based in Chicago, IL, and they’ve been specializing “in equity index and commodity derivatives” since 2002. Basically, they find inefficiencies in the market, and profit from them through superior strategy and technology.
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There are some things in life that we want not because we actually want them, but because they are signs of having achieved something. Nobody actually wants a mortgage, but you’ll certainly feel like you’ve achieved something when you have one. Financial advisors fall into the same category. Paying someone to manage your money seems a little backward, but it’s a problem you want to have. And when you do have that “problem,” you want to have a financial advisor who is well equipped to help you make the best decisions for your future. Blueleaf is a Cambridge, MA based company that provides super simple software that helps financial advisors more easily communicate information to their clients. Blueleaf “simplifies tracking all your savings and long-term financial goals while making everything you own transparent, understandable, and controllable.”
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Having so much money that you can give it away is something that we can all aspire to. The Haas family certainly achieved that. The donations started in 1945 through the Phoebe Waterman Foundation when they gave for “relief in post-War Europe, scholarships for fatherless children, and support for medical and educational institutions.” By 1955 the family was making grants of more than $100,000 a year, so they hired someone to manage the foundation. By 1970 the number reached $7 million per year, and the foundation was renamed the Willliam Penn Foundation. Today the fund has nearly $2 billion, and distributes approximately $80 million annually. The organization is based in Philadelphia, PA, and “is dedicated to improving the quality of life in the Greater Philadelphia region through efforts that foster rich cultural expression, strengthen children’s futures, and deepen connections to nature and community.”
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One day I aspire to have so much money that I don’t know where it all is. I’m not talking about having random $20 bills in some of my pants pockets–I mean having all kinds of financial accounts all over the place. It’s a problem that we all want to have–and, yes, it can be a problem. It’s hard to manage your money and allocate your investments properly when you don’t have a grasp of where it all is. ByAllAccounts is a Woburn, MA company that has developed a technology solution that can aggregate “account data from virtually any online financial source.” That means that they’re able to “provide transaction level detail, data quality, and custodian coverage specifically required for professional wealth managers and financial advisors.” ByAllAccounts isn’t magic–it can’t find every account that a person has–but once you link accounts in, it’s able to keep pulling in data to provide a continuous feed of the activity across all accounts.
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After I graduated, I decided to get my finances in order. I cashed out savings bonds, combined bank accounts, and opened a Scottrade account so that I could start investing. This had obvious benefits, but it was also a project for me to work on during my job search. By analyzing investment ideas and managing a (very small) portfolio, I was developing new skills while giving myself something to talk about during job interviews. I highly recommend doing something like this yourself, but if it’s just not for you, you may want to take a look at Betterment. They’re a New York, NY based company that helps “people make smart decisions with their money.” Actually, I’m not sure if that’s a good way to put it. They make investing frictionless and take away any excuse that you’ve been using not to invest (besides the “I have absolutely no money to invest” excuse).
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The best personal finance tip that I’ve ever heard comes from Ramit Sethi at I Will Teach You to Be Rich: earn more money. As a college student, that’s exactly what you’re trying to do (get an education, so you can get a job). Oddly enough, a good way to earn more money might be going into the personal finance industry. There’s a ton of growth in the space, and one of the companies that caught my eye is LearnVest. It was started by Alexa von Tobel after realized that she graduated from Harvard and was going to work in finance without any idea of how to manage her own finances. Now they have $25 million in funding, an office in New York, NY, and a mission of helping women “live a richer life.” They do this by providing content, tools, and guidance on all types of personal finance topics.
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When I was a kid, I had a huge baseball card collection (actually, I still have it). I never seriously collected any other sports cards, but I did have a phase where I collected a Marvel cards. I haven’t thought about those cards for years, but when I came across the name Wolverine Trading, they instantly jumped back in mind. Unfortunately, Wolverine Trading, which is based in Chicago, IL, doesn’t have anything to do with superheroes–though they may consider themselves financial superheroes. They are a “diversified financial institution specializing in proprietary trading, asset management, order execution services, and technology solutions.” Those are all just big words for making money by combining technology with knowledge of the financial markets.
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I have a simple investment strategy: Buy AAPL. I’ve had a few other winners, but Apple is the reason that my portfolio is up over the past 5 years. I’m not much of a trader, so I typically buy a stock and hold it indefinitely. If I took a different approach to investing, I might want to spend time on Benzinga. It’s “an innovative news and analysis service that focuses on global markets” and is intended for developing “actionable trading ideas.” Benzinga has offices in Chicago, IL and Dover, DE, but it’s very clear from their Careers page that everything important happens in the Southfield, MI office… very clear. There’s something about Benzinga’s site that reminds me of a social gaming site, which I guess is appropriate since stock trading is the ultimate social game.
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I had a prolonged job search after I graduated college. After a couple of months of browsing job boards, I realized that I needed to do more than just look at job postings. One of the things I did was decide to get serious about my finances. I got all of my money in one place, and I started investing. There were obvious benefits to doing this, but it also gave me something to talk about in job interviews to show my analytical skills (and to show that I’ve actually been doing something). My friend’s dad wrote a book called Rule #1 that explains a good methodology for picking individual stocks. I used that as my guide, and I used some online resources that it recommended of my research. I quickly found that I had to use multiple sites to get the kind of information I needed to make informed decisions. There was no one-stop shop for the figures that I needed, but now there is. It’s called YCharts, and it offers “the best charts on the web and objective, intuitive information about more than 5,000 stocks.” The company is headquartered in Chicago, IL, but all of the internships that they’re filling are in New York, NY, which makes sense for an investment focused company.
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Now that I’ve lived in Chicago for three years, I’m starting to feel more like a part of the Chicago business community. And a big piece of being a part of a community is keeping up on your local news. I rely a lot of sources, but I’ve found that Crain’s Chicago Business consistently does great reporting on the Chicago business scene. Crain’s Chicago Business is published by Crain Communications, which is “one of the largest privately owned business publishers in the U.S., with more than 27 leading business, trade and consumer publications and related websites in North America, Europe and Asia.” Crain is headquartered in Detroit, MI, but their publications are headquartered in a variety of places. Crain was founded in 1916 by GD Crain Jr., and it remains a family owned business to this day despite a few bumps in the road that would be expected for any company in the publishing industry (like layoffs a couple of years ago).
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Last night I read an article from The New York Times about how two New York City taxi cab medallions recently sold for $1 million each. These aren’t some weird collectors’ items–they are actual pieces of metal that are attached to the hood of a taxi cab and are required for the cab to be able to operate in a given city. It’s a relatively common system (you can read about it here), and it limits the number and ensures the quality of cabs in the city. In some cities, the medallions can be bought and sold, and the secondary market for them is getting extremely expensive. Because of this, most cabbies can’t own their own medallions–they usually have to lease them or work for a fleet that owns it own medallions. That’s where Medallion Financial Group comes in. They’re a New York, NY based financing company that specializes in Taxi Medallion and Commercial Lending.
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Although getting money to fund a startup company isn’t what I called easy, there’s a pretty standard process for seeking investment. When it comes to starting up a non-profit, the process isn’t often so clear. This can make finding funding seem impossible. However, there are some smart people who have taken the venture capital model and adjusted it for the non-profit world. One of these organizations is New Profit, which is based in Cambridge, MA. They were founded in 1998 and they focus “on supporting innovative social entrepreneurs who have brought a pathbreaking, big idea to life in an innovative organization.” They do this through their philanthropy fund, which has funded a ton of non-profit organizations. (I’m having trouble determining whether New Profit is actually a non-profit, but philanthropy funds usually are.)
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Sometimes during your internship search a company name will keep popping up. You’ll ignore them because of assumptions that you’ve already made about them. Eventually you’ll give them a look, and you’ll realize that you didn’t know as much as you thought about them. That’s kind of how I’ve been with Morningstar. I knew of them well before I started this site. I have a friend who worked for them. They’re headquartered here in Chicago, IL, and they’re big supporters of the local startup and technology scene. They’re one of Fortune’s 100 Best Companies to Work For, and I’ve even had multiple people tell me to write about them. I guess it’s time to take a closer look at Morningstar, which is “a leading provider of independent investment research in North America, Europe, Australia, and Asia.” They serve all investors from individuals to financial advisors to institutions, and they do so with a wide range of products that includes services, software, online publications, and print publications.
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I’m not sure how many of you have been with us long enough to remember, but 2.5 years ago Jason Seiden and I put together a job search prep course called Found Your Career. We did it for two reasons. First, we saw a need. Most entry level job and internship seekers need some serious help. Second, Jason was looking for a way to productize his content, and I was looking for a way to develop new revenue streams (since selling advertising to employers in the middle of a recession is kind of hard). We tested the waters with some introductory content and got a good response, so we went all out and developed an awesome course for job seekers. We charged $152 for the course, and it actually sold pretty well in its first week. It did ok over the next month or so. Then the sales dried up. We learned the hard way that selling products to entry level job seekers is really tough, which is why we’ve finally decided to make Found Your Career free–you can find all of the lessons here. If I were to do it all over again, I would have used Kickstarter to build support for the project before actually building the course. Kickstarter is a platform for funding creative projects. They’re based in New York, NY, and they’re making all kinds of awesome things happen by matching up creative people with customer/funders.
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Sometimes you have to feel bad for ridiculously rich people. They’re investing millions of dollars with hedge funds, and they don’t have access to the kind of tools that I have access to in my Scottrade account. Ok, you don’t have to feel bad for them, but you have to agree that it’s weird that individuals who have the most invested have the least transparency into what they’ve invested in and how its doing on a day to day basis. AlphaMetrix is a Chicago, IL based company that aims to solve this problem by “connecting highly qualified investors with fund managers.” They do this through a software platform that enables investors to look at detailed information on a hedge fund’s holdings. This allows investors to make more informed decisions, and it allows hedge fund managers to better communicate what they’re doing with the money that they manage to investors.
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Ever curious about the business behind One Day, One Job and One Day, One Internship? Read this interview I did with The Startup Foundry.
I never took an Accounting class, but I do run a business, so I need some knowledge of keeping the books. I may have never learned the formal definition of “accounts receivable,” but I certainly know it in practice. Right now there are 7 businesses that owe me money for advertising. That’s an asset worth something, but it’s not quite as valuable as actually having the money in the bank. Luckily, running this business is cheap, so cash flow is never an issue. For many other types of businesses, cash is vital. The month or two that they give debtors to pay invoices can be extremely costly (in terms of risk and the time-value of money) because it limits the businesses’ ability to make short-term investments like buying products wholesale to sell retail, paying for advertising, or making payroll. The Receivables Exchange is a New Orleans, LA (headquarters) and New York, NY based company that fixes this problem. They allow business to auction off their accounts receivable for cash. Businesses obviously have to pay a premium for the cash that they get, but it allows them to make short-term investments that should be far more valuable than the fees they pay to the buyers of their accounts receivable.
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