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.

   4. Courage; guts.
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