Should i treat my members equal?

I used to think all employess wanted to be treated as equals within the team, I appreciate their individual skill and contribution, but tried to treat them as equals.
The reasons for my approach was I did not want a team member to think I am partial to some one and used to work hard putting ling hours to make them all equals and some time get frustrated too, when things do not happen. But for myself, i self aspired to be the first amng equals. Effectively my managing style has been a friend which will leave my team members confused.
An article in Economic Times made me reflect the above. I need to change and copied the story from there for future reference. I also need to realize that it is not possibleto be first among equals and can the last a lot of times, but have to finds the gaps and improve myself in consistent manner.
One young man thought this was a very good thing. “Let us stay here,” he told his guru when they were passing through this kingdom. “No matter what you buy here, it costs a rupee per measure. A measure of gold costs the same as a measure of rice as a measure of cloth as a measure of hay. It is wonderful! Paradise indeed!” As soon as he said this, the guru said, “Lets get out of here immediately. Run!” The student did not understand. He felt this was the best place on earth. Everyone, even the poorest man here, can live like a king. He fought with his guru. In the end, he refused to leave the dark kingdom of the flat king and the guru proceeded without him. 

  Life for the student was good. Despite earning a very low salary, he could afford all the luxuries of life. All for a rupee per measure. He could not understand his guru’s behaviour. Months passed. Then one day a murder took place in the kingdom. After an intense search, the murderer was caught. The king ruled that the murderer must be hung by the neck from a tree till he was dead. The whole kingdom gathered to witness the punishment. Unfortunately, the rope for the noose turned out to be too short. “Get a longer rope,” said the king. The whole kingdom was searched. But a longer rope could not be formed. Everyone turned to the king for a solution. The king said, “Simple, get a taller man.” Scouts were sent out and they brought the student before the king. “Sir,” said the soldiers, “He is tall enough.” “Hang him for the murder,” said the king. The student protested, “How can you do that? I did not commit the crime.” The king replied, “A crime has been committed. A punishment must be given. Since the murderer is too short, we must find a taller man.” “But he is the murderer, I am innocent,” shouted the student. “We know,” said the king sounding impatient, “But he is short and you are just the right height. Can’t you understand?” 

  As the student was being led to the gallows, he saw his guru in the crowd and the guru said, “If the king finds no difference in value between a measure of vegetables and the same measure of sweets, then he finds no difference in value between a murderer and an innocent man. Everything has the same value in the dark land of the flat king. That is why I asked you to run.”