Venezuela made a headlong rush into state ownership of businesses, at the direction of Chavez and Maduro. Consequently, the businesses saw their experienced executives replaced by friends of Chavez and Maduro, with more of an eye on loyalty than competence.
As a direct result of this displacement of experienced people, not only was Venezuela hurt badly by the decrease of oil revenues, it also wrecked its economic infrastructure by disrupting formerly well run businesses. It wasn't a turn to socialism/communism that wrecked Venezuela's economy. It was sheer incompetence on the part of Chavez and Maduro.
Cuba's government has functioned in its current form for decades, and has established some meritocracy in its staff. While the Castros ran Cuba, they did make some effort to insure competence on the part of party officials.
This is essentially a replay of the Zimbabwe situation: Mugabe nationalized all of the farms, and redistributed the land to his friends... who couldn't run a farm. Consequently, Zimbabwe's farm output dropped dramatically, cutting off their chief export: food. Like Venezuela, Zimbabwe wasn't done in by an economic model, but the stupidity of the people in charge.
One of the problems with a dictator or near dictator is - no sanity checks on their decisions.
In a twist of irony, Venezuela's confiscation of foreign owned businesses actually helped out some of the foreign companies. GM had an auto plant in Venezuela that not only wasn't profitable, it had accrued a huge pension liability in excess of the value of the plant. When Maduro nationalized that plant, he also assumed responsibility for that pension liability. Surprise!