They say that when times get though you must get creative. Today, we share the story of a local entrepreneur who saw an opportunity and decided to take the leap into the small business world.
In the beginning stages of the Act 20 implementation, the government created the law to attract new investors to a struggling financial phase in Puerto Rico. It was an asserted strategy based on the need of a new economy, completely distanced from the government bureaucracy system.
As of November 2016, there were more than four hundred Act 20 decrees approved for operation in Puerto Rico. For a country that has not registered economic growth since 2006, this represents a new chance to recover from a seventy thousand million financial deficit.
As other countries like Australia and Costa Rica have used their natural and cultural resources to develop a sustainable tourism program. Puerto Rico is in the perfect moment to embark on a journey towards becoming a destination hub for the Caribbean.
When people hear the words Caribbean island they transport themselves to an imaginary vacation mode. It seems the thought of turquoise waters and white sand represents an opportunity to get away from the ordinary.
Before the labor reform was approved, the job panorama in Puerto Rico was not a promising one. With the highest unemployment rate in the United States, people were hunting for the available positions, no matter their field.
Puerto Rican residents and the general media were not ecstatic to find out the, recently approved, employment reform resolutions did not include the public sector, which carries the biggest payroll of the government.
The new employment reform is a tool the government of Puerto Rico created to be implemented by the private industry. The main goal is to use these new reforms to promote economic development opportunities.
The significant growth of small businesses in Puerto Rico is a collaborative work between the government and more than 30 organizations that represent the interests of this growing sector.
From the small town cafeteria that has been passed down for generations, to the young unexperienced aspiring entrepreneur that refuses to leave the island, and the new residents from different parts of the world; Puerto Rico has experienced substantial growth in the small business industry.