This sentence is said when someone achieves a great success and the other person is giving compliment or credit for the effort which led to that person's success.
Here's a scenario.
Person A wasn't born with a singing talent. Person B was born with an amazing singing talent. Both Person A and Person B participated in a singing contest.
Person A practiced hard everyday because he knows he doesn't have much talent to win in that competition.
Person B didn't practice much as he trusted his natural-born talent and was sure he would win in that competition.
In the end, Person A won the award for Best Singing Talent from the singing contest instead of Person B.
In this case, Person B says to Person A with admiration :
"I must follow the example of your (hard) effort"
나는 네가 노력한 것을 닮아야만 한다.