It depends on how lucrative your business would be. Does it have its own niche, or would you have tons of competition. Do you have something to add that the other companies don't? do you have the capital needed to start the business (licenses and materials)?
College is not an end-all, be-all need for success. Many have succeeded without college, although it is a vast minority. Also, many have failed to be successful that go to college. College is a great help in getting jobs and would be the normally recommended course unless something extraordinary were to present itself. I would think about the potential of the business in realistic terms (not best case or "this could happen"). Talk to some people who have their own businesses and see what they needed to get started and what pitfalls to look out for.
It is getting harder and harder to make a good stable living in today's world without a college degree (or heck without a Masters even).