Having worked for a few years as a freelancer, I'd say there's also unlimited earning potential (one of my colleagues was earning $125K/year as a freelancer), but the reality for most freelancers is that unless they have established relationships with a few reliable clients who will give them steady work, more of your time as a freelancer is spent looking for work than actually doing it.
Plus you have to remember that if you take a vacation you have to consider not only the money you spent on your vacation but also the lost income because you weren't working.
Another big difference is that as a freelancer you are not your own boss: your clients are the bosses, so you actually have multiple bosses. As an entrepreneur you are conceivably your own boss, although you're still beholden to other people such as your investors/shareholders and your clients/customers. But you're closer to being your own boss as an entrepreneur than you are as a freelancer.