Get rid of Minimum Wage

If you get rid of Minimum Wage it could help the American Economy. EXAMPLE- I am a business owner and John is a business owner i charge 10 cents an hour for work, now john charges 20 cents an hour for work. People leave my business and goes to his business because he has a higher salary to his employees. Now i have to charge 30 cents. And then it goes on and on. Its about competition for business that can lead to more jobs and less poverty and better economy in America