1. Do something you love really well.
If you love what you do then it isn't work. You look forward to challenges because it's all part of the game. Failure doesn't matter because you love the process—you aren't wasting any time. This is the best place to be. It fuels your happiness and is also the best chance at success.
2. Do something you love poorly.
If you really love it then this is just a transitional phase. If you spend enough time doing it then you're bound to get better. You're just on your way to category 1.
3. Do something you hate poorly.
This is the "work-to-live" mindset. Clock in, do time, clock out, get paid, go live the life you love. Nothing wrong with this approach. You aren't going to grow that much in your career because your mission is to get by. Your level of success is limited. But you can be happy doing this if that level is good enough for you.
4. Do something you hate really well.
It takes a lot of energy to do something well. You have to trudge through the mud, to overcome obstacles, to push through when times are hard. If you hate what you do then you'll have to sacrifice your happiness to be successful. This is the worst place to be. You'll either hit a breaking point or lose yourself.