One does need to go to College/University if one intends to seek employment as nearly every employer demands college/university degrees. It used to be a Graduate degree around 20 years ago but today it is a Masters Degree in may countries which is the pre-requisite for a higher position.
I admire those who have the courage to quit their jobs in favor of a Business, especially when they have a family which is dependent on them. It is, however, easier to opt for business at the beginning of one's career, especially if they have their parent's financial and moral support. But not everyone is made out for Business and hence the requirement to go to college.
P.S. My education only provided a platform for me to land a job, and some very basics; it did not prepare me for a professional career.
