The phrase is used as a school motto for Wesley College, Melbourne, Australia (and no doubt other institutions). The article doesn't mention the context of the phrase, which in the writings of Horace, is the moral for a story about a "fool" (a naive person) who waits for the stream to stop before crossing, whereas the wise man "makes a beginning". This fable or parable is intended to typify the personal qualities of being daring, or adopting risk, or mere determination in reaching a goal. It promotes the value of personal endeavour, against obstacles. The idea of enthusiasm and will or spirit being valuable personal qualities may bear some relevance in understanding the context of the phrase, which is devalued without the context.