What is the life-cycle theory of entrepreneurship?
A life cycle theory typically starts with the assumptions of birth, growth, maturity and decline. Life cycle theories are borrowed from biology where life cycles of flora and fauna are studied extensively. Thus, perhaps it is ok to think of this borrowing as a kind of analogy–imperfect, but potentially interesting.
By definition a life has a beginning and an end, which provides initial boundary conditions for the theory. What happens in between, or those inner-transitions, are where we are going to find most of the action in terms of debate.
Because of its close relationship to stage based theories, we will defer your attention there for further information.