Overall, Nigeria’s start-ups have better prospects for progression than South Africa’s, and the transitioning differences between the two countries are attributable to differences in personality traits of the entrepreneurs. The highest transition rate for start-ups in both countries occurs between the persistent and established phases. Adopting GEM’s concept of entrepreneurship phases - conception, firm’s-birth, persistence, established and renowned phases - we find that the most volatile entrepreneurship phase in Nigeria is the conception phase while the conception and firm’s-birth phases are the most volatile in South Africa. Using cross-sectional data from 1148 structured questionnaires, administered in two key commercial hubs of Africa’s largest economies (609 from Lagos in Nigeria and 539 from Johannesburg in South Africa), we examine the volatility of venture firms, and particularly ascertain what life-cycle phases they are likely to transition out of quickly or sluggishly in the entrepreneurship process.
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