I think its equal parts hard work and tons of luck. Working your ass off, touring, grinding the road, getting the word out about your band (or in this day and age, creating a internet hype may work), but also dumb luck. The right person spotting you at the right time, and you fitting into the labels roster. Your music and style to be popular at the right time etc.
Also, the industry has changed since the 80-90's. Labels don't have as much power or money any more, meaning that you will not be "employed" by them in the same way, given a million dollar studio budget etc. The flip side is that you don't need a label to create or release music. You can do it all yourself. But of course, that means the market is flooded with albums, of all genres.