Despite several efforts to bring about a clear phenomenon of virtual teams, there is still some confusion as to how virtual teams should be defined. It is probably because the characteristics of virtual teams and relationships among them have not been consistent. To address this gap, the present study explores the nature of virtual teams by analysing the perceptions of 23 professional students' pursuing full time two year Masters Programme in Business Administration, adopting the content analysis method. On the basis of multi-stage coding scheme and mutual consensus, five dimensions emerged. Results of the study, revealed that descriptors were more focused on structural, physical and technological dimensions as compared to task and social dimensions. Finally, the emerging categories were classified and arranged by using "Network View," feature embedded in Atlas.ti7 to analyse their conceptual relationship. The study may provide inputs towards building a consistent and larger understanding of how virtual teams can be defined. Based on the findings of the study, further research implications are discussed.