Many people choose to be self-employed, rather than work for a company or organization, because they do not like to be guided or controlled by someone. This has a risk of failure or not getting work due to more competition in a particular field.
People like to follow their passion. They choose to do dance or acting so that their skills can be showcased. Some people have talent. for example, Sachin Tendulkar, a great cricket player and an opening batsman for India. If he had not played cricket and joined a company for job, the talent he had would have been wasted.
Furthermore, people do not like to be controlled by some other person so they do business or freelancing. They feel more happy to do work as they want. Some have the mindset of giving jobs rather than doing jobs. For example, Ratan tata, he is an industrialist. His goal was to give jobs to the people.
The biggest advantage is that, a person can spend more time with their loved one. They can have flexible work time as their preferences.
However, Self-employment may lead to failure. Individuals have to tackle their own failures. They need to prove their skills and talents every time. For actors, singers or directors, it is difficult to get a movie as there is more competition.
To sum up, peoples with talents or skills can be self-employed. They must have risk taking capacity so that they can do what they want to do.