Yes, press down on volume down on the side and the off button on the top at same time. You should get the android robot and some text ending with Linux. Let reset. Do not wipe or change to other icon, you will erase your N7. Just do the buttons above for 10 seconds or so and that's all.
Both buttons are on the side...no button on top. When I press andhold both side buttons (on/off and volume), eventually the Nexus goes black and then restarts...noandroid robot or text (and sound still almost inaudible). I'm beginning to feel stupid and since I'm on vacation, I can't call customer support until Monday