According to Wikipedia, a Team is a group of people linked in a common purpose.  Of course, simply amassing individual people into a group, does not necessarily make a team.  Instead, a true team incorporates the variety of strengths (and weaknesses) of the individual members, creating a synergy that helps the individuals reach their common purpose more efficiently and with greater creativity than would have been possible through individual efforts alone.  A good team amplifies the strengths of its individuals, while minimizing their weaknesses.

This blog discusses some of the considerations for working virtually, an option that is very attractive for companies who use Asset.