The assumption that as teacher empowerment increases in restructuring schools teacher job satisfaction will increase was explored in a study using a large sample of classroom teachers working in schools initiating self-designed restructuring efforts. Study participants were 10,544 classroom teachers working in 307 Venture Capital Schools funded to implement restructuring by the state legislature in Ohio. Six dimensions of teacher empowerment were measured: decision-making, professional growth, status, self-efficacy, autonomy, and impact. Teacher job satisfaction measured teachers' satisfaction with salary, opportunities for advancement, degree of challenge of the job, autonomy, general working conditions, interaction with colleagues, and interaction with students. Analysis of the data revealed room for growth in both empowerment and job satisfaction. A high positive linear correlation was found between teacher empowerment and teacher job satisfaction; the common variance was 49 percent. Although a high correlation between the two constructs was found in this study, at least half of the variance in teacher job satisfaction was not explained by teacher empowerment. Results of the study suggested that in depth, within school, qualitative studies of teachers' dissatisfaction with overall working conditions may be the best place for Venture Capital School planning teams to focus their restructuring efforts. Contains 31 references. (ND)