In life everyone uses indicators to suggest the probability of success or failure. Basis the requirement these indicators could be a person’s physical appearance, education or personality traits. Going to a top rated college is used as an indicator by employers that the student has a high likelihood of being smart hence he/she has a high probability of being successful at their job. If one were to look at data, you would in fact notice that most funded startup founders are from top colleges.
Similarly, since risk-taking is usually considered a common personality trait of an entrepreneur, the fact that someone dropped out of college means there is a high likelihood that he/she is a risk-taker. But, just because you dropped out of college, does not mean that you will definitely be a successful entrepreneur. There is much more to becoming a successful entrepreneur than risk-taking.
Dropping out of college has been glorified quite a lot recently and the reason behind that is simply the fact that dropping out of college is generally associated to failure so when you see someone becoming successful after being a college drop out, it looks like a good rags-to-riches / underdog winning kind of story. However, it does in no way mean that college education is useless or should not be pursued. Your venture may not be related to what you studied but the degree provides you with a back up employment option in case your venture is not as successful as you were expecting.
Timing is one of the most important factors in the success of any new venture. The decision of dropping out of college should be based on your evaluation of the opportunity and how time critical it is.