Doing Research in Business and Management Essay - 24

Doing Research in Business and Management - Essay Example Good financial management proved essential in achieving business goals, especially in relation to understanding financial statements that are critical to business success. Negotiation and communication skills from previous modules also proved useful in the business project module, particularly since these skills were invaluable in understanding how to deal with suppliers, customers, business associates, and employees (Heerkens, 2014: p28). Finally, knowledge about business legal issues was also applied because business projects are subject to various legal requirements like contracts with suppliers. My experiences working with the team on the project, especially our development as a virtual team, were particularly insightful. For example, it became increasingly evident as we progressed with the project that virtual team-working allows project team members to share information, decision-making, and innovation without the hazards, cost, and time of travel (Edmonson, 2012: p75). However, creating a virtual team was more difficult than I had initially anticipated. It was especially difficult to create high performance within the team without the required careful support, structuring, and attention to processes that enable teamwork to achieve its full potential. The most important challenges in making the virtual teamwork were leadership, management of conflict, relationship building, and effective communication. In relation to communication, it became increasingly important for the team leader to focus on processes for situation adaptation, especially given that the use of technolog y reduced the social presence and richness present in a face-to-face context (Gignac, 2013: p44).  Moreover, the initial building of high-quality relationships based on commitment, cooperation, respect, and trust was difficult despite its importance to the efficient functioning of teamwork.