I was once told. "To be a good teacher you must first be a good student"! How right he was. Grand Master Doc Fi Wong taught me as much about being an istructor as he did about martial arts.
I seriously doubt he had that in mind when he took me on as one of his students but it happened none the less.
Knowing your subject is great but you can always learn more. Just look how computers have changed our world.
You must be able to adapt to situations that can't be forseen, situations you can't control, and show the students you are willing to do as much as possible to make their learning experience a great experience. My favorite line is - "Since were all hear we might as well learn something". You should never stop learning.