This study explores student’s perception of teamwork in solving prevailing challenges related to business operations and growth prospects of selected companies. This exploratory study is connected to the body of knowledge encapsulating student teamwork and performance. We present the results of our study based on a competition, where five universities from four Nordic countries including Finland, Denmark, Norway and Iceland participated. The event was held from 18th to 22nd March 2024 at the School of Business and Media, Tampere University of Applied Sciences, Finland. Twelve student teams took part in the competition. Company representatives and other professional experts were also invited in the event. The data for this study was collected at the end of the event. The results of the analysis show that according to participating students ranking, ‘commitment’ is the most important factor in individual team member’s competences in successful teamwork, where as knowledge and skills are ranked the least important. In terms of team collaboration, students rank ‘clearly stated goals’ as the most important factor. For students, experience and knowledge of the team members is the least important factor for team collaboration. The factor of personality clash is seen as the biggest challenge in teamwork. The analysis also sheds light on active communication among team members to positively impact team performance. The distribution of gender in a team has a neutral impact as such. While solving the given challenge, attributes including creativity and innovation are given importance over knowledge of trade regulations. Furthermore, in line with the objectives of the event, participating students agree that this event supported their personal development particularly enabling them to assess their problem-solving skills as well as understanding challenges related to business operations. The results contribute and offer insights related to student teamwork and performance in solving business challenges from the Nordic higher education institutes.

Keywords: Business challenges, teamwork, team performance, Nordic countries, business students, student competition.