I'm a current LGO student (class of 2014) and just wanted a point out a few things:
LGO is a full part of the MBA class. We take the same classes, including the core, participate in clubs, trips, etc. LGO is a sub-network within Sloan--not much different than the networks that form out of E&I or other tracks, cultural groups, clubs etc. As an LGO, you are as much a part of the MBA community and MBA network as anyone else, with an additional LGO network that is smaller but very strong. There are a few exceptions (participating in the tracks such as E&I is one of them, internship recruiting is another), but as an LGO you have the same resources and opportunities as anyone else at Sloan.
Besides that, my advice, like what others said, is to look at what you want to do. LGO really prepares you for a manufacturing/operations leadership role, particularly right out of school. Entrepreneurship is certainly not out of the question--I have classmates currently working on start up projects, particularly those that came out of some project-based entrepreneurship classes. And at least two of this year's LGO grads are going on to work on a medical device start-up they co-founded. But LGO is a lot of additional work--extra engineering classes and specific LGO requirements (seminars, plant trek, etc). This could make it difficult (though not impossible--its all about priorities) to work on start up stuff while at school if that is your true priority. If you are not interested in learning more about operations, these extra requirements will become very cumbersome. But there is still a good amount of flexibility on how you structure your MBA curriculum, so you will still have opportunities to take entrepreneurship related classes--and many, if not most, of us do.
Here's what you can and can't do with LGO and entrepreneurship:
+ Can take entrepreneurship classes (in fact, LGOs can start taking MBA electives during the core, you get a bit of a head start--I had the opportunity to take the Energy Ventures class in the fall, which first year MBAs cannot take)
+ Work on start ups on your free time
+ Participate in the 100K, Clean Energy Prize, etc.
+ Can work for/found a start-up after graduation
- Can't participate in the E&I track--which I think only means not being able to take the E&I seminar in your first fall, the tracks do not give you any priority in other class selections
- Can't intern at a start up company
- I think you will likely miss the big Silicon Valley trek, which happens in January, because it conflicts with LGO's Plant Trek
- You miss a semester on campus for your 6-month internship
