An effective team has shared leadership, develops their own scope of work and commits time to complete tasks. Team members are mutually accountable for work products and individual performance is based on team achievements. The document discusses how to create effective teams by sharing leadership roles, developing accountability, scheduling work, and creating work products together. It also outlines the stages teams typically go through, from initially forming to storming, norming, and high performing. Qualities of a good leader are described as supporting the team and prioritizing both people and production.