To a very strong extent, I find this particular quote to be true. The reality is that effort and courage are essential to the completion of any worthwhile task, but purpose and direction are needed in its accomplishment. I think that effort and courage are vitally important as they help the individual to persevere through the difficulties which might present themselves in the accomplishment of any task. However, purpose and direction are needed to channel effort and courage to a direct end. It is the requirement of purpose and direction which allows courage and effort to be revealed in their more pure and beautiful forms.
I am not sure that I understand what you are asking for as you have not actually asked a question.
If you are asking for reaction to the above statement, I definitely agree with this statement in any field of endeavor that I can think of. Even if you try your hardest and are not afraid to take risks, you are very likely to fail if you have no purpose or direction.
An example of this can come from sports. It has long been said (though some say this is a racist characterisation) that African national soccer teams have a great deal of effort and courage but lack purpose and direction. In the days when that was said the most, these teams would typically fail in the World Cup finals. Nowadays, as the level of their coaching (and the level of coaching their players receive at club level) increases, their results have improved.
This seems to me to be a good example of how purpose and direction are necessary for success.
Obviously,purpose & direction are the two most necessary needs for any initiative.but the importance of effort & courage are mustly followed by the previous two factors.because without them any of our endeavors would prove fruitful,but without any taste.