gump·tion

This morning Sir Richard Branson blogged about a glass bottom boat startup he loaned money to in the British Virgin Islands.  The bulk of his short post is about the startup and his plans to continue to fund startups in the BVI.

What struck me most about his post was his first paragraph: “It takes gumption to become an entrepreneur. You need to show initiative, bravery and resourcefulness. You also need a lot of help along the way”

I’ve often thought about the most important qualities of an entrepreneur but to me, gumption might be the most important.  It’s not always the smartest or most well funded that survive; it’s the shrewd, resourceful, and dedicated.  While those qualities don’t guarantee success I would argue they’re fundamental to it.

You show me an entrepreneur who has made it without gumption and I’ll show you one lucky bastard.