The world of virtual reality has taken center stage. The world around us is moving from a conventional set-up to that of a virtual one. For every small piece of information, the modern generation is more comfortable in googling rather than finding out from the dictionaries, lexicons and thesauruses. Going around the world, knowing the tastes of people from every nook and corner is possible at the click of a mouse. Globalization of world economies is the perfect icing on the cake. This article therefore analyzes the pros and cons of virtual teams, which is gradually becoming one of the biggest challenges for managers across industries and levels.

Globalization, digitization and technological developments have made the world a global village where communication is happening at the speed of thought. Two decades ago it was a distant dream for a customer in India to know the product specification of a car launched by General Motors in the market of the US. There used to be a big time gap between the launch of the products in the so-called `developed' and `developing' markets. Post liberalization emerging economies like India started to get noticed and this was when the need for virtual team management increased manifold as the opportunities were present at the global level. Indians felt they can now access the globe at the click of a mouse. The same became a fact for even other economies all across the globe. These developments led to companies like Amazon.com setting new benchmarks in their business models without being actually present physically. They stored up huge inventories which were nothing short of a dream for a brick and mortar retailer.

Similarly, customer service reached a new crescendo which was never thought about. Computer hardware and peripheral manufacturer like Dell computers started to create ripples in the strategies of their more accomplished competitors, only because it concentrated on a novel online delivery system. The real world of business was gradually metamorphosing into the virtual world of business. The need for imbibing virtual strategies so as to reach out to the virtual stakeholders was felt across sectors. Knowledge sector being the major drivers of global economy along with the services sector had to call the shots. Dr. Ma'en, President of international knowledge transfer firm, Knowledge Horizon, Dubai added, "We decided to ideate novel knowledge delivery platform so as to keep up with the changing times and developed the classroom mode, followed by the blended mode, finally culminating into the online mode." To manage virtual business, entrepreneurs needed to have the expertise in managing virtual teams, which was highly challenging because of two reasons. On one hand it consisted of managing the human capital and on the other managing them without actually seeing and meeting them in person.

Globalization, digitization, technological developments, communication, product specification, liberalization, opportunities, customer service, accomplished competitors, peripheral manufacturer, metamorphosing, virtual stakeholders, culminating, entrepreneurs.