(The following is taken from DAVID GUZIK COMMENTARY ON THE BIBLE, Studylight.org)
Shepherd the flock of God which is among you, serving as overseers, not by compulsion but willingly, not for dishonest gain but eagerly; nor as being lords over those entrusted to you, but being examples to the flock;
Peter seems to be remembering Jesus’ three-part commission to him in John 21:15-17. In that passage, Jesus told Peter to show his love for Jesus by feeding and tending Jesus’ sheep.
How does a spiritual shepherd do his job? The first job is to feed the sheep. Jesus emphasized this to Peter in John 21:15-17. Another aspect of the job is to tend the sheep, which means protecting, guiding, nurturing, and caring for the sheep.
The most important “tool” to shepherd the flock of God is a heart like Jesus’, that is willing to give one’s life for the sheep, and who genuinely cares about and is interested in them (John 10:11-14).
Serving as overseers: For Peter, the job of being a shepherd can also be understood as being an overseer. This word for leadership comes to the church from Greek culture, and it means someone who watches over, a manager, or a supervisor (Acts 20:28, 1 Timothy 3:1-2, Titus 1:7).
Not by compulsion but willingly: Shepherds should not do their job by compulsion, as if they were being forced into a task they really hated. Instead, they should serve God and His people willingly, from a heart that loves sheep and wants to serve.
“None of God’s soldiers are mercenaries or pressed men: they are all volunteers. We must have a shepherd’s heart if we would do a shepherd’s work.” (Meyer)
Not for dishonest gain but eagerly: Shepherds should not do their job for dishonest gain. The gain is dishonest because it was their motive for serving as shepherds. Instead, they should serve eagerly, willing to serve apart from financial compensation.
Nor as being lords over those entrusted to you, but being examples to the flock: Shepherds should not do their job as lords, because the sheep do not belong to them. The sheep are entrusted to them. Instead, shepherds are to serve by being examples, not dictators.
The sobering fact is that pastors are examples to the flock, whether they intend to be or not. It is interesting to see how a congregation takes on the personality of its pastor in good ways and bad ways.