I think that's a myth of the startup world (a persistent, but mostly incorrect myth). I know successful people with both balanced and unbalanced lives... and the former are definitely happier.
I'm not convinced that regular long hours lead to a more competitive business. Particularly when it comes to running a business (as opposed to being a contractor or freelancer, which is a completely different proposition), spending 1 hour sitting outside and having a great idea that saves you a day of work is much more valuable than spending 16 hours getting it done the stupid way.
Generally, I haven't seen a great correlation between working long hours and working smart - but I have seen a good correlation between working smart and being successful.
Another anecdotal bit of evidence: generally, most of the successful workaholics I've met tend to be in the corporate world, where they often don't have the choice of working smart.
I'm not convinced that regular long hours lead to a more competitive business. Particularly when it comes to running a business (as opposed to being a contractor or freelancer, which is a completely different proposition), spending 1 hour sitting outside and having a great idea that saves you a day of work is much more valuable than spending 16 hours getting it done the stupid way.
Generally, I haven't seen a great correlation between working long hours and working smart - but I have seen a good correlation between working smart and being successful.
Another anecdotal bit of evidence: generally, most of the successful workaholics I've met tend to be in the corporate world, where they often don't have the choice of working smart.