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.

Assignment: Part 1 Requirements:

• Find a professional business report template to prepare a team charter.
• Explain the purpose of a team charter and why it is important.
• Analyze how the team charter will be used to ensure the success of your virtual team.
• Analyze and explain your virtual team philosophy and provide a values statement (include three values minimum).
• Complete the Traitify Career Assessment and share the results with your virtual team. Provide a chart illustrating the strengths and weaknesses of each team member.
• Each virtual team member should develop a brief statement explaining the ethical theories, principles, and frameworks that drive their decision-making.
• Each virtual team member should produce a short professional biography in collaboration with teammates.
• Provide a technology plan identifying the tools that will be used for communication, organization, and execution of virtual team-based projects. Analyze and include resources, policies, procedures, and processes to ensure the successful use and application of chosen technologies.
• Provide a detailed communications plan to facilitate productivity. Document and exchange contact information, time zones, and any other pertinent information necessary to efficiently and effectively facilitate communication.
• Evaluate the availability of each virtual team member. Develop a chart illustrating work schedules, indicating a) meeting days and times, b) research and production periods, c) review periods, and d) deadlines for teamwork activities throughout the class.
• Produce meeting agendas and meeting minutes and organize them into the appendix of the team charter report.