I started doing web development as a consultant at 16. I didn't care much about going straight to a university while I was at High School and I had about a 3.0. I never bothered taking the SATs.
I went to community college just to see if I could get into the UCLA CS program after 2 years. I did, and then I dropped out after a semester to shift my consulting business to product development. This was about 8 years ago and it was the best decision I've ever made.
The main turning point for me was a) I realized anything I actually used in my business I learned on my own, and b) I never want to think I can "just get a real job" if what I'm doing doesn't work out. Incidentally, my lack of a degree has never gotten in the way of an opportunity.
One argument for going to school is you get access to people you might not get access to otherwise. I say if you know what you want, and who can help you get there, you'll find a way to get access to the people you need. Especially if you're young. Being young is a huge advantage when looking for help if you can shut up and be humble when asking for it.
That said, I think having a business degree might have been useful. The problem there is that smart people can figure out the nuts and bolts of business as challenges of running a business present themselves.
The nuts and bolts of managing/leading/inspiring others is another story. Sadly they don't seem to teach that in business school. Even if they did, it wouldn't make it much easier. You have to just do it for a while and stay committed to learning it while you go through hell for the first couple years.
It's really a personal decision. Personally, if I could do it all over again I wouldn't waste the 3 years that I did. Instead I'd get a few roommates who attend some school and a campus apartment so I can have the "social experience" while I work on my own stuff during the day.