Unsure of what to think/what are the possibilities.

I've been pushing for a relationship with the guy I was dating (rather hard, I'd like to add). We were never serious, and now that I want to be, he has suggested that we stay friends for 'the time being' as he isn't in a place where he feels comfortable discussing relationships and romance (He works 3 jobs and is starting up his own business, so he has a lot he needs to focus on). I'm not sure if it's a soft break up or if he genuinely wants to stay friends with the potential of something serious down the track.
He mentioned that he doesn't want to lead me on. I had a bit of a freak out and texted him a few times trying to classify whether it was a soft breakup or actually him just needing to focus and wanting to pick up where we left off. After he told me he didn't want to talk about it (I asked if I could just call him cos it's easier) I kind of woke up and realised that I've been doing most of the communicative leg work, and that I shouldn't be pushing this hard. So I just suggested we cultivate a friendship without expectations, and if it's meant to be then it will happen, told him to reach out to me if he wants us to start again, etc.
How many of you have been in a similar situation, or even just been friends with somebody and had it develop into a relationship? I'm just going to go back to square one with dating (other people), but I would like to keep myself open to the possibility of things happening with this guy. I'd love to hear your viewpoint. =)
EDIT: I just wanted to add that prior to this discussion I initiated with him (regarding where we were at) he has said to me he does like me (and seemed fine with me flagging future dates and meeting my friends). After our discussion he told me that he just can't focus on that right now, with anybody. As mentioned earlier, I pushed way too hard. He said he'd be happy to talk about that stuff in a few weeks but I kept asking for clarity, so... yeah. There's that element. Anybody ever been able to turn that around if you've excessively clung or communicated with the person you were interested in? I'm not interested in waiting around for him, but I do genuinely want a friendship and I would be lying if I said I wasn't curious about where it could lead to once we have a solid friendship set up.

I would build the friendship if you truly care for him so much, see where it goes from there but don't hold expectations. I wouldn't push, but rather let him decide if he wants a relationship with you or not, as you do. If he doesn't, then it isn't worth pursuing him romantically as you won't be happy together. Just my opinion however!

Thank you WillowFlower, I will. :) It's so nice to hear some straightforward advice, especially as I feel like I've pushed him away. But in reality he was always so busy we never got to hang out much, so our relationship wouldn't have worked, starting off like that.

Of course. :-)

So you want a relationship with someone who does not have time for you
Who also does not want a relationship with you
And who does not want to even discuss the possibility of a relationship if there may be a time in the future when he has more time with you.
He has not shown any intention to even spend time with you besides what you already have.
He shows no emotion towards you apart from maybe sexual attraction.

Is this summary correct?
I want to add that i have encountered many women in friends with benefits who develop feelings because they are sleeping with a man.
Men do not have this. If they are in a friends with benefits relationship it does not mean they are more likely to develop feelings. Same cannot be said about women.

It is your decision and responsibility to do with your life what you want.
Just look out if you are on the right track to get there