Try:
90 hrs a week
Getting stiffed on payments (but still having to pay the employee for his work)
No vacations for the first 4 to 8 years from startup
Income fluctuates year to year (never really knowing what your true income is going to be for the year)
Most business owners take 5 years before they become viable in their industry (probably varies with industry)
Most fail miserably the first few times when starting because they assume it's easy.
You have no freedom to make your schedule as you presume. It all based on the consumer. (if you think otherwise you'd be one of those guys who'd fail)
Rent (Mortgage if you're lucky) to pay.
Essentially double the taxation (not really based on income [employers tax, workers comp, unemployment, etc.])

Only an employee would claim that the owner of a business has more freedom. Especially in states like California or Washington.

Freedoms only come with looooong time successful ownership. But if you work for a good company you get to a point where you have nearly the same types of freedom in less time. Or just work for the Government and you'll be over paid, have a decent retirement and within 5 years have more time off then you'd know what to do with.