The capacity for resolve and tenacity to achieve ones goals, despite obstacles and setbacks. It appears that more than self esteem and intellect, Grit predicts success of individuals attaining and achieving their life goals. Attaining ones goals and persevering are determined by characteristics that underpin this psychological process. It can be said to be more than a trait, however according to some, Grit is both a skill and a trait (non-cognitive trait). However it is something that can be honed and learned. Grit was defined psychologically and extensively researched by Angela Duckworth and colleagues, who defined it as "perseverance and passion for long-term goals".
“It’s gonna get harder before it gets easier. But it will get better, you just gotta make it through the hard stuff first.”
Grit especially predicts the success of an entrepreneur. It is an important trait for businesses to explore psychometrically and develop in their managers and employees. A trait that is often overlooked compared with other psychological traits/factors which have often taken precedence, such as: IQ, personality characteristics (such as the big 5) and even to some extent emotional intelligence (EQ). Grit looks to stay and become an important area of in the organisational development space.
For a far more comprehensive overview of Grit and it's psychological formulation I would recommend taking a look at Angela Duckworth's book Grit: The power of passion and perseverance.