Salary

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

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

Dan Price, founder of credit-card processing company Gravity Payments.

Image credit: Entrepreneur

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