Yea motivation to always acheive a greater height is going to help out alot. I would say experience/knowledge is more important than a college degree. Having both is just that much better.
If you graduate with a degree, know the basics about the field you majored in, but have no experience doing anything then how are you going to make it in a high end job? Having a good resume and knowledge to convince your employer that you can exceed the job classifications is what gets you up the ladder.
My older brother has a 2 year drafting degree from a tech college. He worked for a couple smaller companies for a while, slowly moved up in computer work in the 90s. He taught himself all aspects of computer networking and administration and with a little time and alot of experience he is working for a investment banking company as head of Network Administration overseeing 4 locations (LA, NY, MN, UK). Makes a good living
I plan on going the same route, but only with an additional BS in MIS. Although he is much more motivated so I dont think I would like the job he has right now. To me having less money and a greater non-work life is more pleasurable to me. Working around the clock everyday and weekends doesn't sound like my kinda job.