Trying to run a cross-compiled executable on target device fails with: No such file or directory

I've got caught in the not-so-sunny world of cross-compilation.

I'm trying to compile a simple hello world application for my BeagleBone Black (which runs a TI Cortex-A8 processor).

First of all, I compiled and ran successfully the hello world application on x86 with gcc

Then I changed my compilation settings to the following:

arm-linux-gnueabi-gcc -c -O0 -g3 -Wall main.c -o bin/obj/main.o
arm-linux-gnueabi-gcc bin/obj/main.o -o bin/hello_world

I transferred the file via SCP to the BeagleBone, and set executable permissions with chmod +x hello_world

Upon running it (./hello_world), my only response is:

-bash: ./hello_world: No such file or directory

The output of file matches that of /sbin/init as I would expect:

$ file hello_world
hello_world: ELF 32-bit LSB executable, ARM, version 1 (SYSV), dynamically linked (uses shared libs), for GNU/Linux 2.6.32, BuildID[sha1]=0x24b659b7a41fe043a6f4649d4ebfb5e692ebf0c7, not stripped
$ file /sbin/init
/sbin/init: ELF 32-bit LSB executable, ARM, version 1 (SYSV), dynamically linked (uses shared libs), for GNU/Linux 2.6.26, BuildID[sha1]=0xd21f6957ec031a27d567b3d5e6aa14b9e0c30c37, stripped

The result of ldd is:

$ ldd hello_world
    not a dynamic executable

I tried adding a suitable platform and CPU type, changing my compilation to:

arm-linux-gnueabi-gcc -c -O0 -g3 -Wall -march=armv7-a -mtune=cortex-a8  main.c -o bin/obj/main.o
arm-linux-gnueabi-gcc bin/obj/main.o -o bin/hello_world

This initially started giving me a new error: Text file busy, but I have since been unable to get that error back again as it now returns No such file or directory. I'm guessing that particular attempt was just a bad transfer or something.