How do you know if university is right for you?

At the secondary school I went there was an implicit sense that all students were expected to go to university. For example councillors would come into our English classes to give presentations on how to make smooth transition to a university. I guess I always had the assumption that a university degree is necessary to a) make a living and b) make a living doing something you enjoy. Now that I'm a little older and a little more experienced I know this is not always the case. There are plenty of people (especially in business) who did not complete a university program. How do you decide if university is right for you? Is the correct approach to decide on the job you want and then, if university is required, get the degree for it?