Business Studies is awesome.

The business life cycle represents different stages of a business' existence. Each stage has different characteristics and features; and each stage presents different challenges. A business owner needs to be aware of the potential difficulties their business can face as it grows and changes. 

A business owner that is proactive in anticipating these challenges will be better prepared to apply appropriate strategies for their business to thrive in each new stage.

There is no time limit to these stages - a business can be growing for decades, for example.