The research focuses on the assessment of small business & its impacts on socio-economic spheres; it focuses on effective ways for sustainable growth & development of small businesses in Bangladesh. Bangladesh is one of the poorest countries in the world with low GDP/capita and minimum purchasing power. There are 3 fundamental reasons which are accountable for permanent economic downturn and tremendous poverty in Bangladesh: (1) the poor people don’t have permanent regular jobs to earn enough money to support their families, (2) they don’t have sufficient investment capital to introduce their own businesses or other income generation activities to change their financial status, and (3) they don’t have proper entrepreneurial and managerial knowledge & experience to introduce &operate their own businesses perfectively. These factors confine them into vicious cycle of poverty from generation to generation and impose tremendous pressure on national economic, infrastructural and economic growth plan & potentiality. The aim of the paper is to analyze the effect of collective effort and co-operative investment policy to introduce micro joint venture and its impacts on socio-economic development. The study is to aggregate impoverished individuals’ micro saving, limited capability, little working skills & experiences to create them depositors, investors, successful entrepreneurs & skills workforce to accelerate economic growth and improve the poverty condition. The practical tasks of the research is to identify and apply the most effective ways for sustainable growth and development of small business & employment opportunities through proposed “Co-operative Society Micro-saving Bank” & “Innovative Small Business Model”.