What are the advantages and disadvantages of establishing a new business?

What are the advantages and disadvantages of establishing a new business?
Advantages The owner of the business has the freedom to set up the business exactly as they wish and see fit. The owner is able to determine the pace of growth and change to the business. Establishing a business also means that the owner doesn't have t pay good will. If the owner has s limited amount of funds, she/he can start on a smaller scale and slowly progress.
Disadvantages
There is a high risk involved in establishing your own business and an uncertainty, will it succeed, or fail? The business has no customer base and has to employ staff and also develop lines of credit with its suppliers. The business might start slow and this can mean it will run at a negative.