The growth dynamics of a single-walled carbon nanotube (SWNT) is observed in real-time using an in situ ultrahigh vacuum transmission electron microscope at 650 degrees C. SWNTs preferentially grow on smaller sized catalyst particles (diameter <or= 6 nm) with three distinct growth regimes (incubation, growth, and passivation). All of the observed SWNTs grow via a base-growth mechanism with C diffusion on active Ni catalyst sites. Under the same experimental conditions, formation of carbon nanocages was observed on larger Ni catalyst particles. The evolution of SWNTs or nanocages is dependent on catalyst size, and this can be rationalized from both energetics and kinetics considerations.