Yes, that’s what happens in a minimum wage environment, although not every single time like people have shown in these threads. But when somebody doesn’t start a business, that’s invisible.
What is visible is when an existing business’s costs rise above the minimum wage level. There are plenty of reasons why this could happen, 9/10 of them not being “the C-levels are paid too much”. That’s when they start firing people or just go under which essentially fires everyone.
Perhaps we want a society that don’t have employment for the people who can only work below a minimum wage level. That’s some sort of a decision, I just want to be honest about making that decision.