You need to be very giving of yourself - a good manager will put the needs of their direct reports over their own to make sure that the company prospers. Monetarily, this means fighting for raises for your staff while not doing so for yourself and not having a problem making less money than your top people. It also means giving up some of your perks so your staff can develop like giving up a trip to a big conference for someone else to go. Some others have mentioned being the 'shit shield' which is very true - good managers absorb the crap so their staff doesn't have to (unless it is deserved). In addition to all this giving, you also have to be able to be a dick when needed and push people who aren't cutting it.