I grew up being modeled that the only way to lead by example is to do more, be more, and know more than the folks you are leading. But that model of “leadership” is literally unsustainable.
I very much believe in leading by example, but there are other, more sustainable ways to lead by example.
There are two problems with do more, be more, know more. For one, it causes our ego to get in the way. And, secondly, it is a short-sighted and lazier approach leadership.
In the long run, it is far better to be candid in your communication and have clearly defined expectations of your team. Then, lead by example in terms of your work ethic and your margin and work boundaries.