An entrepreneur should have a vision for their company, and be willing to risk their venture on the appeal of a bold plan that may seem outlandish to others.

The visionaries at Terrafugia, made up of engineers and flying enthusiasts, have done just that, creating something that has only been a science fiction dream for almost a century: the flying car.

Called the Transition, the flying car has passed initial testing and after a redesign for a beta-prototype, the Terrafugia team expects to present it for sale by 2011.

They are calling it a street-legal airplane. It takes off and lands like a light plane, using small local airfields. It is treated as a light airplane in flight as well, and only needs a U.S. sport pilot license to fly. On the ground, the press of a button folds the wings up in 30 seconds. It drives and flies on unleaded gasoline and will fit into a single-car garage.

Entrepreneurial expert advisor Evan Carmichael offers as his first two lessons on his website to stick to your vision and to be bold, advice the makers of the flying car have obviously followed.