In the maturity stage of the life cycle of entrepreneurial firms, the entrepreneur experiences the advantages of market success and financial stability, while also facing continuing challenges of meeting the needs for professional management skills.

Maturity Stage

A phase in the product life cycle or organization's development characterized by stable and consistent growth or performance.

Entrepreneurial Firms

Businesses characterized by innovative strategies and practices, often aiming to meet a market need by developing or offering new products, services, or technologies.

Professional Management Skills

The expertise, techniques, and competencies necessary for effectively managing an organization, including leadership, strategic planning, and decision-making.