I've been in both camps and each one has its advantages and drawbacks.
I believe that it takes a little more LUCK to make it in a small business than it does to have a good career working for someone else.
It seems that at one time a small business could get "right sized" and stay there. Now, the "Grow or go" dynamic makes survival a lot more "iffy". My deceased FIL did well farming and ranching until he started expanding to make room for his son in the business. Then he went broke and lost everything.
