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From The Collaborative International Dictionary of English v.0.48:
Gumption \Gump"tion\, n. [OE. gom, gome, attention; akin to AS. ge['o]mian, gyman, to regard, observe, gyme care, OS. gomean to heed, Goth. gaumjan to see, notice.] [1913 Webster] 1. Capacity; shrewdness; common sense. [Colloq.] [1913 Webster] One does not have gumption till one has been properly cheated. --Lord Lytton. [1913 Webster] 2. (Paint.) (a) The art of preparing colors. --Sir W. Scott. (b) Megilp. --Fairholt. 3. initiative; resourcefulness. [PJC] 4. Courage; guts. [PJC]