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 Second Bounce of the Ball is the distillation of Cohen's 33-year career building Apax Partners into a firm employing more than 300 people, with offices in eight countries and billions under management. He draws upon Apax's experience of backing entrepreneurial businesses in many countries, among them AOL, Apple, Computacenter, Tommy Hilfiger, Immarsat, Kabel Deutschland, Calvin Klein, Molnlyke, Panrico, Q-Cell, Travelex, Waterstone's, Virgin Radio, Vueling and Yell. 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: the right people and the right money and the roles played by personality and luck and underlines the importance of ethics. The Second Bounce of the Ball's insights on entrepreneurial strategy provide a unique insider's guide to turning risk into opportunity. 'One of the best books written on entrepreneurship in recent years. It will reward any reader, from start-up to City banker.' Financial Times