Does this mean that I can establish my own business on a H1B and then have that business sponsor my visa so I can work for it?
The new rules seem to say that you can do this as a sole proprietor.
You just need to show that you will report to a board of directors that has the ability to control what you work on or whether or not to continue to employ you (this really isn't too far off from anyone else starting a company with cofounders and investors).