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I think his point about business knowledge is a good one. If you want to be a successful photographer, you're probably better off getting a degree in marketing, communications, or business management, and minor in photography.
This is a problem with most practical, art-based practices (except at the high end). The customers don't have a good critical eye and will frequently choose a photographer or artist by price, prestige, recommendation, or by merely liking one of their earlier pieces - rather than on any technical merits.
I suspect someone with no photographical experience but strong business savvy could make a good go of being a professional photographer with the right equipment and just a little training in basic technique. I'd love to watch a TV show about such an experiment - it'd be like Faking It.
(And before I'm accused of cheapening a whole industry with the last paragraph, I believe the same about my two industries - publishing and programming. There are more than a few "copy and paste" developers making good money out there. It ain't noble, but it can work.)
I went to college and it sure wasn't for photography. Photography just happened. I have a BS in Computer Science, and I also have no debt resulting from it. Rather than pursuing a software developer job, which I expected I would be doing, I opened a photography business and have been quite comfortable. Software is now just my hobby, but it's a very useful one.
Knowledge of business and accounting will get you far further in almost any industry than a specialty degree will.