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 5K runs, 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.”
The members of team designated as C3 took home top honors of the final year of the project at the student board meeting on Thursday, April 18. The team, led by Robert E. Lee High School senior and student board chair Nathan Leary, succeeded in raising more than $2,597 for Parental Care Ministries. The remaining C3 team members included All Saints Episcopal School senior Makenzie Lohman, Grace Community School seniors Catherine Rook and Emma Brookshire, Bishop Thomas K. Gorman Regional Catholic School senior Michaela Ellis, and John Tyler High School seniors Maria Araujo and Jose Gregorio.
C3 bested their four competitors with their ambitious “Shoes for Uganda 5K” run through the Woods neighborhood in southeast Tyler held on Saturday, March 23. In addition to the loan from TB&T, the team solicited sponsorships from local businesses to underwrite advertising and purchasing of T-shirts for the registered runners. Proceeds will be used to support the purchase of shoes for a school of orphaned children in the east African country. The team’s sponsors included Super One Foods, Body Pump@ Green Acres, Cindy’s Janitorial, Mango Homes, Noonday Explorations, LLC, and Vu-Ryte.
Through the nine-month program, the 35 student directors learned to develop business plans, 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. TB&T Vice President Jason Trimble served as the advisor to C3.
In addition to Parental Care Ministries, the Fortune 100 Project teams successfully raised more than $6,500 for three other area organizations, including the Boys and Girls Club of East Texas, Sisters in Christ, and Royal Family Kids Camp. Texas Bank and Trust will also make a monetary contribution to the winning team’s designated charity.
Established in Tyler in 2009, TB&T’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. The Student Board program is currently open to incoming seniors at All Saints Episcopal, Grace Community, John Tyler, Tyler Lee, and Bishop Thomas K. Gorman High Schools. The Brook Hill School will join the TB&T Student Board program in the 2013-2014 school year.