Pulling selective examples of successful entrepreneurs who have made it without the benefit of higher education can lead to misleading conclusions. Take a look at
"Confirmation Bias". Try balancing it with examples of
unsuccessful would-be entrepreneurs who tried having a go at it with and without a formal higher education.
And, that's my problem with 'success stories' in general. That is they often imply in the telling that there are certain key factors for success ... when there was also other factors like luck and/or timing. For example, while there is a good case for being persistent and never giving up, some success stories ignore the downside risks and costs. Also, if one is the recipient of good fortune due to a combination of circumstances (including luck), chances are that when asked 'about the keys to their success', they never really know themselves. They might guess and recall they were the only one in their dorm to regularly eat breakfast (...Fruit Loops - with low-fat milk) and so that becomes added to the list of advice to those who may wish to follow in their footsteps: "kids, make sure you eat breakfast every morning! I did and look where I am now". By way, on this subject -- another reading recommendation:
Fooled by Randomness
A filmmaker or entrepreneur who indicates he was totally maxed-out on his credit cards (at 19% interest) but continued despite all the naysayers was at the brink of bankruptcy when he was saved at the last minute by a huge deal or lucky break. The moral is 'never give up' (and it is implied, you will eventually be rewarded).
However, for everyone of those fortunate fellows, there are many many more who took the same advice, applied the same levels of hard work and dedication, but went bankrupt, lost their house and/or lost their family. For every one of these success stories, I'd like an equally cautionary story of failure that makes people think of alternatives and account for risk and the cost of failing - momentarily or otherwise.
"Start your own business or go to college?" Given the challenge an unsuccessful entrepreneur might have in today's (and tomorrow's) society without the benefits of a higher education certificate or degree, I would advise they pursue the latter. However, doing so would not exclude them from pursuing entrepreneurial ventures, loading up on courses that might benefit them in the future and/or meeting people and making friends with people they may work with and for in the future. Certainly, tell them to be pro-active and not piss away their four years with binge drinking and Mickey Mouse courses.