In today's modern business environment, more and more organizations are recognizing and embracing the benefits of engaging virtual teams to achieve their goals. This innovative team-organizational form enables the global involvement of experts while simultaneously reducing operational costs. Therefore, it is imperative to explore the challenges associated with managing virtual teams in this specific environment. Leading teams in virtual space requires flexibility and specific competencies. The main goal of the research is to understand how team leaders can effectively manage a dynamic environment and overcome the challenges of a remote work environment. In the context of virtual business, the challenges are creating trust, fostering motivation and enabling effective communication. The importance of developing virtual teams and achieving common organizational goals is emphasized. Team management and development are key elements of business, driven by rapid technological progress and global aspects. Despite the advantages offered by virtual business, such as reduced costs and better work balance, challenges are successfully overcome by ensuring adequate infrastructure, implementing correct processes and quality communication. The aim of this paper is focused on researching the challenges related to the management and development of virtual teams. Special emphasis is placed on the analysis of technological tools, communication, motivation and trust building. The methodology includes analysis, comparison, induction, deduction and survey research. The structure of the work analyzes the characteristics of the environment, technological tools, management and development strategies of the team, and analyzes the results. Through this thesis, guidelines are offered for successful management of virtual teams and recognition of the advantages that this business model provides.