A wage is not determined by the employee or the employer or the government, the wage is determined by the value one is able to produce. Cost and value are very different things. It does not matter what something cost if no one values it enough to pay that price. Realistically, the wage is determined by the purhcaser of the good or service. If they do not value it in excess of cost (wage and other costs) there is no sale.
If the minimum is $7.50 you must add taxes, Fica, workers comp, insurances, etc. In all likelihood the wage will now be somewhere around $20 and hour. If you do not produce $20 an hour in value, or more, then the venture will fail.
You don’t get what you deserve, you get what you negotiate.