<p>This study has explored the role of social enterprises in attaining sustainable socioeconomic development through an opportunity co-creation process and identified the applicability of the morphogenetic/morphostatic (M/M) approach. The core intention of the study is to investigate the effectiveness of mission-driven social entrepreneurial initiatives on marginalized people taken by a social enterprise in a developing economy. Focusing on the Rural Reconstruction Foundation (RRF) in Bangladesh, this research entails an extensive literature review covering social entrepreneurship, its initiatives, and their impact on socioeconomic development. The study of existing literature also highlighted the clarification of the M/M approach and opportunity co-creation theory with the applicability of those to explain the effectiveness of initiatives taken by social enterprises. Methodologically, the study involved semi-structured interviews with RRF’s founder and top-level executives, complemented by remarkable cases and data obtained from the organization’s website and frequent contact with key persons in the organization online. The findings accentuate the potential for sustainable socioeconomic development concentrating on the rural economy through collaborative processes of opportunity co-creation with diverse stakeholders. It is identified that the selected social enterprise is playing a significant role in the upliftment of impoverished people, especially in rural areas through offering different sustainable development and income-generating projects. Based on these insights, this study offers a new dimension of realizing influential factors of forming a social enterprise and valuable policy recommendations for relevant stakeholders, aiming to enhance socioeconomic development by adopting the strategy of opportunity co-creation with the effective sustenance of such organizations.</p>