There are some significant challenges that ISME faces as doing drugs among students is very common. Entrepreneurship or life in general, students in the class aren't interested in learning as they think that networking or making high profile contacts is much more necessary. The culture is way too casual and ISME seems to be okay with all of it, just to brand itself as new age and open-minded.

Entrepreneurship :

One is an entrepreneur not because of the degree certificate decorated with fancy affiliations of foreign schools, but only because of what he created. Fundamentally, as they are supposed to build things. If the student won't have the joy of building things then he isn't an entrepreneur. The students can get positively involved, to get things right from the start.

Education:

• ISME doesn't teach any real management or finance. They negotiate and give hefty discounts in the name of scholarships. 
• In the name of practical knowledge, academic basics are sidelined.

Placements: 

• The industry gets irritated by the students' behaviour. They are often considered pampered. 
• The average salary package offered is 3-8 LPA.
• Companies like Schbang, Krypton, Litmus World, Aditya Birla, StyleCracker, Raw Pressery, Snackible, etc. participated in their placement program.

Infrastructure: 

• If you're pulled by the infrastructure, you simply aren't an entrepreneur. Never judge a book by its cover. This should be the least of your concerns.

Overall, one should opt for this college as it's worth a lesson. One would at least get to know that most of the things that look great from the outside are hollow inside. Things that are great from the inside are usually shabby from the outside. The superficial world created by the college, by conducting motivational speakers and foreign executives takes students nowhere in life. 

To be really honest, I don't think your institution or even your degree has anything to do with entrepreneurship. It just depends on whether you believe you are competent enough to start something on your own or whether you are better off playing your part in an established structure.

Having said that, for a select few people, getting rid of the EMI headache is unquestionably a blessing. But that doesn't mean you have to pursue entrepreneurship just because you don't have to go to school, don't enjoy your work, or have observed others doing it successfully. Except for maybe 15–20 individuals who chose entrepreneurship either right after FMS or later, I believe that everyone else in my batch is doing well at their corporate jobs. I also know a few graduates of different business organizations who are still pursuing their passion for entrepreneurship.

In the end, it is entirely up to you. You should pursue your passion if you are competent at it and willing to give up a few years of secure work rather than waiting and wondering what would happen. Always do something you enjoy doing so much that you would do it for nothing. then become so skilled at it that clients will pay you to perform it. Therefore, you would be better off if you started earlier.

It actually depends on what you are looking for. Almost all reputed management institutes provide exposure through case competitions, peer learning, etc.

In IIM Lucknow too, you would come across a similar incubator and an entrepreneurship committee cell. You need to join a cell and utilize whatever they provide you with. There you can brainstorm many ideas that can help you learn and understand various aspects that comprise entrepreneurship. These brainstorming sessions will also take place in front of the industrialists who will listen to you and supervise you in any particular event or any competition or even workshops. 

If you aspire to become an entrepreneur, join the E-cell, there you will have many chances to pitch in your ideas.