If you have gumption, you have guts. People with gumption are determined and full of courage — and common sense, too.
If you easily give up, and don't have a lot of confidence or smarts, then you are lacking in gumption. It takes gumption to get things done — especially difficult things. Someone who takes risks without being afraid has gumption. Having gumption is like having "chutzpah." We all could probably use more gumption. Like common sense, it isn't that common.