The virtual economy appears as a result of the growing use of information and communication technologies and the development of a turbulent environment full of changes in market opportunities. As one of the subjects of the virtual economy arises a virtual team, which connects the intellectual resources scattered around the world. The subject of this research is to conduct virtual teams as a challenging task in which managers must understand the importance of formal management processes,the fact that work in virtual teams requires a clear structure, defined objectives, roles and greater focus on communication. Special emphasis is placed on the specifics of all management functions within virtual teams. The aim of this study is a deep understanding of managing a virtual team, while the goal is to show how to successfully run a virtual team has a strong influence on team performance. For this study, we used scientific and professional articles, Internet sources and books, and to define the results were used methods of analysis and synthesis, inductive-deductive methods, the method komparacije, collection and deskripcije. Finally, managers of virtual teams answer the challenges of the virtualization business, which is characterized by the speed, the endless market, a growing number of competitors and the lack of a physical meeting flexibility, dedication and detail razrađenim the specifics of all management functions.