Capitalizing on others’ misfortune for wealth creation in an ethical manner
Factors of Production
- Land including natural resources
- Labourers
- Capital: man-made resources, technology, machinery, tools, buildings
- Enterprise and Entrepreneurship
- Knowledge
What he obtains from others: The 3 L’s
- Their livestock
- Their land
- Their labour
His ethical approach to wealth creation:
- Joseph was able to meet the request of the people.
- He didn’t withhold their basic survival needs.
- He was kind and fair to them in all his dealings.
- Even though the people ran out of their resources, he provided them with a job.
- He showed care and concern for the people, their families, and the little ones.
- The people were given four-fifths of the harvest for their labour.
Then Joseph said to the people, “Indeed I have bought you and your land this day for Pharaoh. Look, here is seed for you, and you shall sow the land. And it shall come to pass in the harvest that you shall give one-fifth to Pharaoh. Four-fifths shall be your own, as seed for the field and your food, for those of your households and as food for your little ones.”
So they said, “You have saved our lives; let us find favour in the sight of my lord, and we will be Pharaoh’s servants. –Genesis 47:23-25
And it shall come to pass in the harvest that you shall give one-fifth to Pharaoh. Four-fifths shall be your own, as seed for the field and for your food, for those of your households and as food for your little ones. Genesis 47:24
Joseph used monetary means of wealth creation. He collected money in both Egypt and Canaan. He bought the lands of Egypt. And Joseph gathered up all the money that was found in the land of Egypt and in the land of Canaan, for the grain which they bought; and Joseph brought the money into Pharaoh’s house – Genesis 47:14
Joseph used non-monetary means of wealth creation.
- He collected the livestock of the people.
- He exchanged bread for livestock from the people.
- These livestock were possessions and assets with great working values, exchanging values, and usage values.
- Horses, flocks, cattle, and donkeys.
- The land was utilized for farming and cultivation.
- The land was used for agricultural purposes to generate income.
- The land was used to create employment.
- Human resources
So, when the money failed in the land of Egypt and in the land of Canaan, all the Egyptians came to Joseph and said, “Give us bread, for why should we die in your presence? For the money has failed.” Then Joseph said, “Give your livestock, and I will give you bread for your livestock if the money is gone.” Genesis 47:15-16
Opportunity
- This was during the time of crisis (famine) in Egypt, affecting Canaan.
- It was a global famine in Egypt and the surrounding areas.
- Jobs were created during this crisis.
Wealth Mindset
- Wisdom
- Joseph knew that the famine would occur because he dreamt about it.
- He aligned himself with Pharaoh based on the interpretation of his dreams.
- Divine preparation for challenging times
- Big thinking
- Expansion
- Futuristic
Job Creation Strategies
- Large-scale
- The mass of wealth was accumulated from Egypt and Canaan.
- And Joseph gathered up all the money that was found in the land of Egypt and in the land of Canaan, – Genesis 47:14
Saving
- All the money was stored from the Egyptians and the Canaanites.
- And Joseph gathered up all the money that was found in the land of Egypt and in the land of Canaan, for the grain which they bought; and Joseph brought the money into Pharaoh’s house. Genesis 47:14
Investment (value exchange – value for value)
- Non-monetary means of investment
- Livestock tangible, day to day use. Assets with great working values, exchanging values, and usage values.
- Maximization
- Leveraging on labour
- Their labour was used for maximum advantage and profits and benefits.
- Less effort is needed from him.
- 1/5 sowing (seed) and reaping (harvest/profits)
Contributor
By Brahim M. Kallon (Canada, Sierra Leone)
Minister, Entrepreneur, Leadership Coach
