I was thrilled to see an article in the Wall Street Journal this morning in which Cuba announced that it would legalize thousands of small and medium businesses that have been operating in the “informal” economy. The government is taking this step to encourage and increase entrepreneurial activity as the country focuses on building its economy.
As I have mentioned in previous blog posts, there is nothing more democratic than entrepreneurship. Entrepreneurs take matters in their own hands, creating needed products and services for customers and providing employment for themselves, family members and others.
This step is so critical as small business owners will now have legal rights that will protect their businesses, assets and employees. This protection will encourage existing entrepreneurs to grow their businesses and new entrepreneurs to start businesses driving economic output for the country and its people.
Here is the link to the article in the WSJ: