I've certainly never felt my lack of a degree to be a hindrance in any area except maybe fundraising. PG wrote once that he had come to the same conclusion but still had trouble believing it. Most investors never get there at all.
And I'd imagine even among those like Fred, they still find themselves impressed by a team of 4 CS grads from MIT. Thankfully for those of us who college wasn't for, customers are significantly less likely to read your resume.
4 CS grads from MIT would be impressive, but more impressive are the two kids from RISD who raised $32k for their seed capital selling cereal.
it takes chutzpah to make it as an entrepreneur and the cereal guys can hire the CS grads from MIT easier than the CS grads can get up the courage to sell 800 boxes of cereal at $40/box.
Not to mention that if you can start any business you want, why not start the one where it's going to be the easiest to make a huge profit? And the business that fits the category almost certainly isn't the business that matches whatever limited technical skills you happen to have.
And I'd imagine even among those like Fred, they still find themselves impressed by a team of 4 CS grads from MIT. Thankfully for those of us who college wasn't for, customers are significantly less likely to read your resume.