The USB drive with the Storyboard application along with the correct Storyboard Embedded Engine can now be ejected from the laptop/desktop and connected to the TI AM335.
The following commands are to be executed within the serial terminal connected to the TI AM335.
Login to the TI AM 335 and mount the USB drive:
                        login: root
                    
                        mount /dev/sda1 /mnt/usb
                    
Now, the Storyboard SB_PLUGINS specific environmental variable and an addition to the LD_LIBRARY_PATH environment variable need to be made:
                        export
                            SB_PLUGINS=/mnt/usb/linux-tiam335x-armle-opengles_2.0-obj/plugins
                    
                        export
                            LD_LIBRARY_PATH=/mnt/usb/linux-codesourcery-armle-opengles_2.0-obj/lib:$LD_LIBRARY_PATH