Jobs, University and futures

Lately the days have gone by fast. I'm searching for a job and waiting desperately for an answer from the university saying either that I have been accepted or not. One of my friends, a very good friend of mine, is currently in the same situation. We are moving in together this July and we are both hoping to have the luck to study and get the futures we both want. If one or both of us are unlucky we'll still live together, but none of us really know what else we want. My father says that if I don't get accepted I should start working and maybe try again next year, he also suggested that I take one of my other passions like drawing and develop those skills and try my luck with that instead.
I have already waited one year, studying English to improve my grades and have a better chance getting into university, but I am still afraid it might not be enough.
Everyday I can't stop thinking: If I don't get in.. should I give up that dream and try something else? Or should I work and wait another year and try my luck again the next?
One of the problems in waiting is that I'm not even sure it is the right dream. What if I lose interest? What if I'm not good enough and can't handle the pressure? etc. What then? Two years are a long time to wait for the opportunity to follow a dream you're not even sure about. And what if your efforts aren't enough and you aren't accepted once again?
The problems in giving up after one rejection are that you might sit somewhere in twenty years and think to yourself "why didn't I try again?".. Also what other passion would you be able to follow? What passion would make you able to create a stable future with stable income and still be something you enjoy?
Maybe I'm thinking to much, but I don't want to sit somewhere in twenty years and regret my decision, maybe sit with a shit ass job that I'd rather puke on than attend to. 

 
Picture found on google. Does not belong to me.