Sage advice from Caterina Fake, who, as a co-founder of both Flickr and Hunch, is no slouch in the work department:
Much more important than working hard is knowing how to find the right thing to work on. Paying attention to what is going on in the world. Seeing patterns. Seeing things as they are rather than how you want them to be. Being able to read what people want. Putting yourself in the right place where information is flowing freely and interesting new juxtapositions can be seen.