Gumption is an informal noun that means “initiative”, “aggressiveness”, “resourcefulness”, “courage”, “common sense”, and “shrewdness”. In other words, it’s a good quality to have.
The Online Etymology Dictionary says this on the word’s history:
1719, Scottish, "common sense, shrewdness," also "drive, initiative," possibly connected with M.E. gome "attention, heed," from O.N. gaumr "heed." Originally "common sense, shrewdness," sense of "initiative" is first recorded 1812.
I found some usage examples on Google News, such as “the gumption to start businesses”, “a gal with too much gumption”, and “Forest Gumption”.