Slogan used by those who enjoy taking risks.
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True story: A friend of mine worked for a company whose president was a colorful character. In one of the big cubicle-filled rooms, the president had the words "No guts, no glory!" painted in huge letters across one of the walls. This was intended to motivate the junior programmers who lived in the room.

A few years later, circumstances forced some office reorganization. The big room was divided down the middle. So, they ended up with one room that just had "No guts" written in giant letters on the wall, and another room that just had "No glory". These became known as the ''No-guts room'' and the ''No-glory room'' respectively.

Employees had many debates over whether they would rather be without guts or without glory.
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Contrast: KeepYourHeadDown

CategoryIdiom, CategoryStory