MT$499-2$: Analyze organizational processes and procedures in a variety of business settings.

MT$499-3$: Synthesize appropriate principles, concepts, and frameworks for making ethical decisions.

Read the scenario and then address the Unit $2$ requirements.

Scenario:

A group of angel investors has chosen you and several other entrepreneurial candidates to start and operate a virtual business. The angel investors will own $40\%$ of the business and will hold three out of five permanent seats on the board of directors of your virtual business. Welcome to the team!

One unique competitive advantage of your company is that it is a virtual business and your team will work together remotely. The group of angel investors will provide $$100,000$ in funding to start your virtual business. Therefore, you are now a member of a virtual team of individuals that must efficiently work together on the development of a viable virtual business concept. In Unit $6,$ you will be expected to present a strategic business plan to the angel investors for approval.

It is essential that all members of your virtual team work together to become a highly productive and professional collective of experts. Working in a virtual team environment is extremely challenging due to distance and time constraints, so it is vital that all team members spend ample time working together to build this virtual business. To start the process of building this virtual business, you must first get to know your virtual team. Use the following criteria to start building a virtual team charter, which is an important part of the strategic business planning process for a new business venture. Provide a manual containing guiding and enforcement policies and procedures addressing conflict resolution, performance expectations and behavioral guidelines for your virtual team