I think the word "hard" is a bit overloaded in this thread.
Yes, I'm sure VCs "work hard" in the sense of putting in lots of hours or doing demanding work, but really, who cares about that. Lots of people, up and down the socio-economic spectrum work hard in this sense. It's not a helpful distinction. And I'm not impressed by hard work in this sense.
I have often wondered what it is, exactly, that VCs and executives and SVPs and bankers do that makes their services so valuable and so venerated. As I already mentioned, it's obviously not just because they are physically "working so hard." To me it's equally obvious that it's not because they are incredibly smart or wise. I assert with great confidence that (as a general rule) truly smart people are not wasting their time with work that is in any way associated with the movements of small green pieces of paper.
I believe that what is meant by "working hard" in the context of this set is a certain willingness to make deals or sales at all costs. By wisdom is meant intuition and connections or a rolodex (ie. the ability to get certain people on the phone).
But I know this for sure: something isn't hard if there aren't any real consequences for failing. And in the United States, if you are lucky enough to clear certain bars, you are exempt from failure. "Failure" and "hard" in this post means not closing a certain deal, but it doesn't mean anything like financial ruin. It means a minor roadbump, perhaps some professional embarrassment, and then onto the next money thing.
This is why I think these people are so utterly unworthy of the fawning adulation paid to them by SV folks desperately wanting to be rich, suckling at the teat, fantasizing about someday standing on that shiny stage with the little yellow ball mic, arms outstretched, telling everyone about their fantastic vision in broken sentences.