Great flying start in late finish (4)
I believe the answer is:
fine
'great' is the definition.
(fine can mean great in phrases like fine art)
'flying start in late finish' is the wordplay.
'start' indicates taking the first letters.
'finish' indicates one should take the final letters.
The initial letter of 'flying' is 'f'.
The final letter of 'late' is 'e'.
'f'+'in'+'e'='FINE'
(Other definitions for fine that I've seen before include "Capital - punishment" , "Monetary penalty - that's splendid" , "Acceptable - punishment" , "Suitable" , "Very good; penalty" .)