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Each of your projects can be "staffed" with one or more people. That tells the system who's supposed to be working on a project, and it's different than a budget. A "project team" is typically used to manage who has rights to see (or bill to) a project.
Project teams aren't required in BigTime, and many of our customers don't use them. However, we suggest that you setup at least a manager (or "lead") for every project. That tells the system who's in charge for each project, and it makes it easier to implement many of BigTime's unique security features down the road if you decide you'd like to.
For more information about how project teams work, take a look at the Projects chapter of the System Guide.
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