How do I set Permissions for each Team member?

As the administrator, you can set privileges for the invited members.

You can customize by going to [Settings] - [Members] - [Custom permission] - [+Add] at the end of the list. Select the name you would like to adjust and the function they will have. 

If you would like to set permissions to view only the inventory status, you can set only the option for only viewing categories. If you would like to set customization permissions, you can check or uncheck which options you would like to limit your member from viewing.