Well I used to major in photography and business. I was a semester away from receiving my associate degree when I decided it wasn't worth the effort and walked away.
If you love photography, then I reckon you should complete the course. You put so much time and effort into your studies, and only have a few months left before acquiring your qualification.
One of my regrets is choosing not to do a graphics related course when I was younger. Like you, I felt that the creative industry is extremely competitive, thus prospects of finding a job is very slim.
I am also often told that people who are work in the graphics industry are doing marketing duties instead of graphic design. Moreover, I also know a few people who are qualified as graphic designers, and are fantastic designers, yet they could not find work.
Whilst I think it is true that employers want to see a good folio, they also want references and experience. And, in most cases, from my experience, they also want to see qualifications, whether it is a certificate or degree.
Although graphics is a difficult area to get into, realistically, what professional field is easy to break into anyway? In most cases, you need to know somebody.
I think that if you are interested in something that you enjoy doing, then you should at least make an effort to pursue your interest, because you may end up regretting not trying...
I am currently doing a graphic design course even though I do not know if I can get a job in the area. But, the thing is, I feel better about myself than wasting my life in an office doing monkey work (which I am currently doing).
As for business... Business is not my area. But, I do know of a few web designers who run their business from home. It doesn't seem to be rocket-science to run a small business.