It's a funny situation because many people who get their own companies generally get the idea in college and pursue that instead of the degree they were going for.
Since you mentioned hotel management, Cornell has one of the most talked about hotel management programs. So there are degrees and classes at universities for these things. (Of course).
My personal thoughts about this is simple: Education in any field is good because it brings you up to date or on par with whatever is considered normal at the time. If you try to just work your way into your own business that is possible as well, but it will be harder - and you will end up teaching yourself how the game works anyways.
It also depends on how you plan to run your own business. Are you planning to work and save and start a business? In that case an degree (to get employment)is highly advised.
On the other hand if you have a great idea and the initial capital to get it going , then you might be all set.
So in a nutshell a degree is not necessary, but when you talk about working hard, I can only assume you want to work smart as well. And getting a degree - whether it becomes the deciding factor in your success or not won't really hurt you.
Just my input though.
cornell.edu (for the hotel management)