Two points state attempt (5)
I believe the answer is:
essay
'attempt' is the definition.
(essay can mean to try or attempt something)
'two points state' is the wordplay.
'two points' becomes 'ES' (two compass points).
'state' becomes 'say' (to state something is to say it).
'es'+'say'='ESSAY'
(Other definitions for essay that I've seen before include "Have a shot at a written piece" , "Test" , "Prose composition" , "example of Hazlitt's work" , "Composition; attempt" .)