I've been a business owner now on and off for 20 years.
During that time I have owned or been a partner in six different businesses ranging from wholesale fishing tackle to software development.
There is one primary advantage to being my own boss.
OK there are many advantages and this article is going to quickly go through those advantages just in case you're thinking of getting into business for yourself.
Mind you there are also many factors that people would call negatives as well but this really depends on your mindset, so I may touch on these as well.
In fact lets start with these so that we can end on a positive note.
Here are the main negatives of owning your own business:

• You are your own boss - it's up to you to keep yourself motivated.
  This is a lot easier if you are working out of an office but if  you are working from home then this becomes far more difficult.
  There can be many distractions particularly if you have a baby at home as I do.
  
• If you have put large amounts of capital into your business whether to buy it, set it up or both, then you can spend many sleepless nights worrying at times when business is slow.
  
• You don't get sick pay, holiday pay or paid for public holidays.
  
• You generally work 50 to 100 hours per week in your own business.
  
• You take your work home with you - unlike a job where you should be able to leave it at work.
  

Here are the main advantages for owning your own business:

• You are your own boss - You decide how to run your business and can let your creative side free when it comes to deciding on marketing strategies and business processes.
  If you have employees, you have the opportunity to become a great boss, fostering an environment of support.
  
• You are building up your own business asset rather than building up someone else's.
  As you build your business, you are increasing it's value and this is something that you can sell in the future if you want to.
  
• Depending on your business, you may be able to determine your own hours.
  
• Depending on your business, you may be able to work from home.
  
• Depending on your business, you may be able to start it as a part time business and build it into a full time business without the need for large amounts of capital.
  Many online businesses fall into this category.
  
• You can write off many of your expenses as tax deductions thus reducing the amount of tax you pay.
   

So there is a rough guide to the pros and cons of owning your own business.
Personally, I have no regrets that I work for myself.