Minimum wage policies have been at the centre of economic debates for decades, as policymakers attempt to balance improved living standards for low-wage workers with the potential adverse effects on employment and business growth. This research paper examines the effects of minimum wage policies on employment and business growth using a comprehensive mixed-methods approach. By integrating quantitative econometric analyses with qualitative case studies and an extensive review of the relevant literature, the study investigates the channels through which minimum wage increases affect job creation, labour market dynamics, and the expansion of small and medium-sized enterprises. The analysis also considers the moderating roles of industry characteristics, regional economic conditions, and firm-specific factors in determining the overall impact of minimum wage adjustments. The findings indicate that while modest increases in the minimum wage can enhance earnings and reduce poverty, excessively high increases may lead to adverse outcomes such as reduced hiring and constrained business expansion. Policy recommendations are provided to help governments design minimum wage policies that achieve the dual objectives of protecting workers while fostering a vibrant business environment. Through the use of cointegration techniques, regression analysis, and qualitative interviews, this paper presents a nuanced view of the multifaceted effects of minimum wage policies, underscoring the importance of complementary measures such as tax incentives and workforce training programs to offset any negative impacts on employment and business growth.