Salary

Would You Make $70,000 the Minimum Salary at Your Company?

Would You Make $70,000 the Minimum Salary at Your Company?
Image credit: Entrepreneur
Dan Price, founder of credit-card processing company Gravity Payments.
Entrepreneur Staff
Director of the Entrepreneur Partner Studio
2 min read

Entrepreneurs are known for doing crazy things. Dan Price, founder of credit-card processing company Gravity Payments is no exception. He made headlines this week for taking a pay cut and announcing a plan to make $70,000 the minimum salary at his 120-person company.

Price -- who earned distinction last year as our Entrepreneur of 2014 -- told The New York Times that the idea for raising the minumum salary at Gravity Payments came to him after reading a study about happiness. Apparently, people who earn less than $70,000 a year are less happy than those who make more.

Seventy of Price's employees will see pay increases. As you can imagine, Price has been lauded in the media for championing the interests of employees. 

Do you think he's crazy as a fox or just plain crazy?

Either way, check out our video of Price explaining how he caught the entrepreneurial bug:

Related: This Entrepreneur Just Announced $70,000 Minimum Salaries for His Entire 120-Person Team

More from Entrepreneur

Kim's expertise can help you become a strong leader, pitch VCs for capital, and develop a growth strategy.
Book Your Session

For a limited time only, get this bundle of Entrepreneur PressĀ® titles for less than $30 (60% OFF) on our bookstore when you use "LEAP" at checkout.
Buy Now

Are paying too much for business insurance? Do you have critical gaps in your coverage? Trust Entrepreneur to help you find out.
Get Your Quote Now

Latest on Entrepreneur

My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.