I think most young kids don't realize that college gives so much more than a piece of paper which proves you can follow direction from A to B. Post secondary education is all about networking. College is where you'll meet your first love. It's where you'll make life long friends. It's where you'll find people that have connections and help you move up in life. College is where you'll find mentors and get your feet wet so you have some life experience to build your life on.
I wish I knew all this back in high school. Without a social network it's a hard and lonely road.
Entrepreneurship takes so much more than just work ethic. You have to find connections, business partners, mentors, clients, and people who are generally interested in the same things you are. This isn't easy. Even if you find them you have to have the social skills to connect with people you wish to keep in your life. I've been lucky enough to find the right people and build a decent support structure but I'll be honest it's been an uphill battle.
Would I got to college if I had to do it all over again? No. But I wish I knew what I was missing out on so I could have compensated properly for my lack of social resources.
~edit~
I want to add something very important. I'm sure it's been said already but worth repeating. People move up in life by meeting people above their social status. Improving one's life situation is 95% the people you meet.
So my advice would be,
If you are not sure what to do with your life: go to college. You'll never figure shit out without life experience. The friends and romantic relationships alone are worth it
If you have kids who want to skip college: it falls on your shoulders as a parent to help them out in life by providing social contacts and life experience. Chances are they'll fail and embarrass you at first but in the end they'll learn to swim.