I would add to that that, if you are the sole owner of a business, once that business generates enough cash to live on, the excess earnings gives you much more

I would add to that that, if you are the sole owner of a business, once that business generates enough cash to live on, the excess earnings gives you much more financial flexibility and options than a venture backed startup would. Typically, the founders have to wait 3-5 years before getting any money out of the business in a venture backed startup, but if you are the sole owner, you can choose to keep 100% of your earnings for your own personal pleasure, reinvest 100% of your earnings at your current rate of return (generally 1.5-2x for young companies), or choose somewhere in between. I think a lot of young entrepreneurs don't realize how valuable that flexibility really is, especially once you get married and have kids.