Formal education is a shortcut, for business there are thousands of qualities that are not taught anywhere. You need to know how to self motivate yourself, how to manage the tilt and the bad times, how to manage people, etcetera. You can learn techniques in university, however without real life skills you won't be able to move far away.
People in business hires people who hold degrees as most of them will have already developed this natural talents, however the best entrepreneurs in the world didnt' receive formal education on the fields they are proficient on.