We studied group and individual co-regulatory and self-regulatory strategies of self-managed student project teams using data from intragroup peer evaluations and a postproject survey. We found that high team performers shared their research and knowledge with others, collaborated to advise and give constructive criticism, and demonstrated moral responsibility by respecting project management processes and communication protocols. Low team performers lacked self-regulatory strategies to work autonomously and clearly explain their research and its purpose, to ask for clarification, and to work autonomously. Consequently, effective regulatory strategies are crucial for high team performance, for team skills development, and for preparing business and management students for future team-based work environments.