There's a common misconception that work is necessary. You will meet people working at miserable jobs. They tell you they are "making a living." No, they're not. They're dying, frittering away their fast-extinguishing lives doing things which are, at best, meaningless and, at worst, harmful.
People will tell you that work ennobles you, that work lends you a certain dignity. Work makes you free. The slogan "Arbeit macht frei" was placed at the entrances to a number of Nazi concentration camps. Utter nonsense.
Do not waste the vast majority of your life doing something you hate so that you can spend the small remaining sliver of your life in modest comfort. You may never reach that end anyway.
Resist the temptation to get a job. Instead, play. Find something you enjoy doing. Do it. Over and over again. You will become good at it for two reasons: you like it, and you do it often. Soon, that will have value in itself.
I like arguing, and I love language. So, I became a litigator. I enjoy it and I would do it for free. If I didn't do that, I would've been in some other type of work that still involved writing fiction—probably a sports journalist.
It's this classic find-something-you-love-and-do-it theme that I love and hate about commencement addresses. Aside from the unfortunate fact that this guy is a lawyer—I'm sure he loves litigating and has a passion for his work, but at the end of the day it's delusional to think that much of it is not "work," very little is actually arguing and this feels more like backing into a jusitication—this is an otherwise great address with a nice theme that I think still misses the mark.
Chasing your dream is absolutely right, you should find your passion and do what you love, or at the very least don't do something that feels like work. I don't think anyone can honestly disagree with that nor do I think it's particularly profound. Doing what you're passionate about is not a 0 or 1 though; it's also not something a lot of people have the luxury of enjoying right away, even if they're a new college graduate. Doing what you're passionate about involves incremental steps—planning, learning, doing something you only kind of like here and there and working toward what you aspire to.
I think the correct frame is more simply that you shouldn't be mindless. You shouldn't work for work's sake and the end goal cannot and should not be a paycheck, or to subsist, or to "spend the small remaining sliver of your life in modest comfort." Doing what you don't-love-as-much is fine—admirable!—if it's done for a higher purpose and when you are fully aware of the why for which you're doing it. There are a million things I do in the day-to-day activities of all of my passions, which I've been fortunate enough to work on. Most of them feel like work, a lot of them feel like drudgery, some of them even make me question whether these are the things I really love, but all of them are done with a purposeful motivation and understanding, as steps in a goal for something larger that excites me.
I think his later thought actually captures this quite well by focusing on your enthusiasm for the pursuist as a whole, despite the fact that this cuts against his overly-simplistic advice of "resist job, instead play" above:
Find that pursuit that will energise you, consume you, become an obsession. Each day, you must rise with a restless enthusiasm. If you don’t, you are working.
Daniel Markham found another great way to characterize this, understanding that sometimes we do things we might not like as much in the pursuit of our passions—which I think is much more valuable advice to a stadium full of young people:
You should be able to learn to love things you might not initially. If this were not true we'd all be stuck playing video games or taking drugs. The feeling that something initially gives you is not a very good indicator of how much you might or might not deeply love it over time. Learn to take orders and follow directions and you can be exposed to more things that you might like. Don't do that and you'll never know what you've missed.
This is right, and I actually think this applies just as much, if not more, to people we love as well.