Being in business for yourself has it's advantages and disadvantages, like anything.
Timing can be very important in establishing any business.
Don't be too ambitious at first, and remember that it is always easier to start slowly and grow. A small part time business can be changed as you learn from mistakes, and gradually developed into something bigger. If you're relatively new to the workforce, it's often better to get some experience in the workforce before starting a business, and use that experience to help you plan the development of a business. If you can produce a slightly different product, or deliver a service in a different way, you will probably stand a greater chance of success. Not everything that's different works, but most success stories are.