Student Board Members Launch Small Businesses to Benefit Charities
Members of the 2012-2013 Texas Bank and Trust Student Board of Directors (SBOD) tested their money management skills this year with a hands-on exercise in running their own small business. The Fortune 100 Project offered SBOD members a real-world simulation in entrepreneurship. The students were divided into five, seven-member teams, and asked to launch a small business between March 1 – March 31 with a $100 “micro-loan” from the bank.
Proceeds from each business were designated for charitable organizations chosen by the students. From car washes to garage sales, the students selected businesses from an approved list. The team with the highest net profit after repaying their loan was named “TBT’s Small Business of the Year.”
Members of the team designated as B2 took home top honors of the project (now in its second and final year) at the student board meeting on Thursday, April 11. The team, led by Longview High School senior Jarrod Bridges, succeeded in raising more than $1,237 for the Humane Society of Northeast Texas. The remaining B2 team members included fellow Longview High School senior Jeni Scoggins and Pine Tree High School seniors Ellen Austin, Abbey Jones, Callie Nelson, and Rachel Schulik.
B2 bested their four competitors with a successful neighborhood garage sale, held on Saturday, March 2. All profits from the team’s sale, following the repayment of their loan, will be used to support the programs of Longview’s local animal shelter. Texas Bank and Trust will also make a monetary contribution to the winning team’s designated charity.
Through the nine-month Fortune 100 program, the 35 student directors learned to develop a business plan, set up a business budget, and manage their operations, to include advertising and customer service. Each team was also paired with a TB&T officer to serve as an advisor.
In addition the Humane Society, The Fortune 100 Project teams successfully raised more than $3,077 for two other organizations, including the Greater Longview United Way and LIMBS International – a non-profit organization that provides prosthetic knee joints to amputees in need around the world. The technology for this program was originally developed as a senior biomedical engineering design project at LeTourneau University in 2004.
Established in 1978, Texas Bank and Trust’s Student Board program is designed to introduce students to banking and money management at a critical point in their lives, and provide them with essential economic building blocks related to earning, spending, saving, and investing money. In honor of the program’s 35th anniversary, only 35 students were selected from Pine Tree, Longview, and Spring Hill High Schools as well as the Trinity School of Texas to serve on this year’s board.