The first approach is correct.
The mistake of the second approach is, that you are counting some combinations multiple times. You calculate the number of combinations, of which the order of the first man and woman matters.
For instance, look at this scenario. Your team consists of Man 1, Man 5, Woman 2, and Woman 3. You count this case four times, once during selecting Man 1 first (5C1) and Woman 2 second (4C1), once during selecting Man 1 first (5C1) and Woman 3 second (4C1), once during selecting Man 2 first (5C1) and Woman 2 second (4C1), and once during selecting Man 2 first (5C1) and Woman 3 second (4C1).