There has been a recent trend of entrepreneurship advocates telling people interested in starting a business in New Jersey or elsewhere in the country that creating a business plan isn't necessary. Some believe that due to the fast pace of the current business world, it is better to just get started and react as issues develop. While this may be attractive due to the fact that creating a business plan takes time and effort, there are a number of reasons individuals should take the time to do so, one of the biggest being that it increases a new enterprise's chance of success.
Some of the reasons for the increased ability to succeed are that people who create business plans are better able to compare their expectations for products and income with reality. Creating a business plan requires that companies map out a plan of action and take the time to calculate costs and compare them to expected income as well as the capital needed to operate.