1, CYA it's sad that I have to say that, but yes, cover your ass, politics plays a big part in jobs and (good) managers generally shield you from the pressure so until you're in that position you've no idea how bad it can be
2, don't be too friendly with the people reporting to you, they won't take you seriously as a manager and will happily go over your head
3, encourage personal growth of your team and be there for them as a mentor and friend (which contradicts 2, there's a balance to get)
I have heard managers described as a "shit umbrella" for their team, I'm pretty sure now that that's true, especially for good managers. Know when to keep your team out of things they don't need to worry about or be involved in and in general I think they'll be happier for it.
2, don't be too friendly with the people reporting to you, they won't take you seriously as a manager and will happily go over your head
3, encourage personal growth of your team and be there for them as a mentor and friend (which contradicts 2, there's a balance to get)