Recently, more than 40 corporate and public agencies met with representatives from about 120 minority-owned companies looking to bid on contracts in an event organized by the U.S. Department of Commerce Minority Business Development Agency (MBDA). The contracts were big, but so was the number of representatives from the minority business community. Hayward Davenport, MBDA’s northeast regional director, was hoping that that meant some of the people in the room could come together to collaborate in a joint-venture operation to bid on a contract opportunity. But Davenport knew the representatives of those minority-owned companies had to travel a long road of risk assessment and risk management before they could achieve a joint-venture and grow their businesses. - By Maggie Frank

Entrepreneurs are always looking for new ways to grow their business, to gain new customers and better satisfy old ones. That growth always comes with a set of risks, and managing those risks is essential to the health of any business.