I used to busk when my friends and I had a lemonade stand ^.^ I'd play my bagpipes at the end of the street and send them to get lemonade <3 I think I earned about $30 in one weekend ^___^ I made more than the lemonade stand did lol.
I don't think it's wrong. It's fun, and hey, you can earn money from entertaining people.
In downtown Seattle by the monorail shopping center stop you always see people busking. There's usually people playing bagpipes, drums, guitars, and other such instruments. Same goes for Waikiki, Hawaii. Everytime I go there I find a guy playing the pipes on the street. It's awesome ^.^
I say go for it!