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Here you can not use a verb like "working hard' because of the prepositio 'of'' which can take a noun or pronoun as its object. So you can use 'hard work' or 'hard working' which are nouns. Of the two 'hard working' will be more appropriate. HARD WORKING will be the object of the preposition 'of'. A form of the verb ending in ING and used as a noun is a gerund. WORKING is a gerund with a modifier HARD.