In business, everyone can see the first bounce of the ball. It is the second bounce that is uncertain. Ronald Cohen, one of the world's leading private-equity investors, argues that the entrepreneur's aim is to take advantage of that uncertainty, for it is only in situations of uncertainty that significant gains can be made. Putting it another way, successful entrepreneurs know how to turn risk into opportunity. The book is essential reading for entrepreneurs, wannabe entrepreneurs, and all those who want to apply entrepreneurial approaches in all walks of life. It provides relevant background on the development of entrepreneurship and of the venture-capital and private-equity industry through the prism of Cohen's experience at Apax. It provides guidance about how to take advantage of business opportunity, how to find the right people and the right money, the roles played by personality and luck, and the importance of ethics.
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"A most valuable and instructive bible about how to move your enterprise forward and maneuver past early limitations and obstacles." —Forbes
"One of the best books written on entrepreneurship in recent years. It will reward any reader, from start-up owner to city banker." —Financial Times
"A tour-de-force covering both the economic history of entrepreneurship and private equity . . . and real, experience-based stories about successes and failures that are designed to make the reader assess their own entrepreneurial potential." —Business Economist
"Masters of the new financial universe have little incentive to divulge their modus operandi. Yet, in this book, Cohen does just that . . . One can think of this text, organized around ten chapters, as a detailed cookbook—making Cohen the Delia Smith of the entrepreneurial world." —New Statesman
About the Author
Ronald Cohen is cofounder of Apax Partners, Britain's first venture capital firm. He is a recipient of the British Venture Capital Association's Hall of Fame Award and the Harvard Business School's Alumni Achievement Award.
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Most Helpful Customer Reviews
7 of 7 people found the following review helpful:
5.0 out of 5 stars
"worth its weight in gold",
This review is from: Second Bounce of the Ball (Hardcover)
This book is a gift to budding entrepreneurs and business community veterans alike. It offers clear and cogent lessons for launching and managing businesses, intelligently confronting the most common challenges faced by entrepreneurs, methodically explaining the necessary steps for success, and coining a new, powerful metaphor (the second bounce of the ball) for taking advantage of uncertainty.
In each chapter, Cohen focuses on a unique aspect of entrepreneurship, offering his keen and well-developed insights and instructions, which are substantiated by stories from the lives of many major players in the business world, including his own. The book isn't a biography, but it closely follows the development of Cohen's venture capital firm Apax. Reading about how Cohen built up Apax to what it is today, one gets the sense that the author really has a handle on what he's writing about. All the challenges discussed in the book, he faced them; most of the people mentioned, he met them. The book is not conjecture or theory. This is what happened, and this is what works. The driving force behind the whole work is Cohen's fundamental belief in an entrepreneurial approach to life. It involves being independent, taking chances and seizing opportunities--and it is applicable to more than just business. His discussion of leadership will be found resonant by anyone who has ever sat on a committee or worked in a team. His method for approaching decision making can be applied to any difficult decision in life. Even if you're not very interested in business, you will get something out of this read. That being said, if you are in the business world or trying to get into it, this book is a must have. You can get a head start on the rest of the community before "the second bounce" becomes a common catch phrase in boardrooms around the world.
5 of 5 people found the following review helpful:
5.0 out of 5 stars
Excellent advice on calibrating business decisions,
By
This review is from: Second Bounce of the Ball (Hardcover)
Ronald Cohen does not waste your time. He conveys his knowledge and insights in clear language, doesn't beat around the bush, and underscores all key points with practical examples based on personal experience. Anyone who wants to build a business or grow a business to the next level should read this book. An outstanding feature of the book is its coverage of the entire life cycle of a business venture, including the main routes of growth and development that are available. Each scenario is explained within the context of the forces that lead into the scenario and that accompany the scenario.
One of the main themes in the book is calibration of decisions. Major strategic decisions that a business may need to make are discussed. Although - and perhaps because - the author has spent his career in private equity, he does not limit the discussion to the financing aspect of growing a business, but has organised the content around the complete set of aspects that influence the success of a business. In contrast to lots of other books about building great teams, this book is focused on the specific task of building a high performance executive team, and how specific leadership roles need to be adapted depending on the stage of growth of the company. Simply a superb book.
2 of 2 people found the following review helpful:
5.0 out of 5 stars
The Second Bounce of the Ball,
By Martin Dives (New York City) - See all my reviews
This review is from: Second Bounce of the Ball (Hardcover)
Essential reading for anyone interested in becoming a successful entrepreneur. Ronald Cohen writes in an engaging, highly conversational style about the outstanding achievements of the private equity firm Apax which he co-founded and led. He was one of the leaders in transforming Britain and Europe over the past 20 years, in which he and his partners worked with entrepreneurs to rapidly build and to supercharge major companies, combining rigorous analysis with formidable personal networks and highly imaginative ideas.
He generously shares his insights,techniques and lessons. Most important, yet understated, it becomes clear his spectacular success was founded on the bedrock of integrity. A book to be treasured.
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