The primary goal of this chapter is to analyze the effectiveness of the CIG approach to guide socio-cultural changes through entrepreneurship development in rural areas of Mymensingh District. To achieve our goal, we set the hypothesis for verification as “Common interest group (CIG) approach is effective to bring socio-cultural changes through entrepreneurship development for sustainable socio-economic development in Bangladesh (H2)”. We introduced the qualitative method of trajectory equifinality modeling (TEM) based on the cases of local entrepreneurs to verify our hypothesis. The results revealed that CIG approach was effective for entrepreneurial development through the formation and mobilization of social capital. Access to finance, workplace culture and institutional support were the most crucial factors for entrepreneurship development to ensure gender equality and economic empowerment. The policy recommendation suggests to set priorities for the promotion of entrepreneurship to facilitate socio-cultural transformation. In particular, gender-inclusive entrepreneurial environment is essential for sustainable socio-economic development in Bangladesh.