PRACTICE, PRACTICE, PRACTICE......... THEN PRACTICE A SHIT LOAD MORE!!
I can't stress enough how important it is to just keep practicing. You might say, 'well that's fairly obvious and goes without saying', but some people just don't get it. Far too often I read threads where new young producers say something along the lines of; 'I've been producing for 4 months, why don't my tracks sound as good as Skrillex!??'
4 months is nothing!

Unless you have a NATURAL raw talent for producing music and take to it like a duck to water, it's going to take YEARS to get to a level you're even remotely happy with - I've been producing at home for about 8 years, and I'm never happy with the tracks I make, and I'm nowhere near the level of a proffessional producer!

DO NOT overload yourself with a stupid amount of synths or plugins! There really is no need. All you need to start with is a decent DAW, some decent sample packs, a couple of synths, and a few effects plugins. Take the time to sit down and learn your synths INSIDE OUT! There is nothing wrong with usiing some presets in your tracks, but it's way better to be able to open up your synth with a sound in your head and be able to construct it yourself.
By all means use other peoples tracks as a reference of for some inspiration, but DO NOT get disheartened when your tracks don't sound as good as them; and trust me, they WON'T

- not for a long time anyway. These producers have perfected their techniques a period of time - you're not going to get to that level in the space of a couple of months - just not going to happen.
Learn the basics!!! I've recently had to go back to basics and learn how to achieve a decent mix down and how to EQ properly as this is an area I lack in. Learn it from the start and everything else will flow.
Spend hours upon hours watching tutorials on YouTube - they are extremely helpfull. I'm not saying to copy other peoples sounds exactly, but by watching the tutorials it will give you a better idea of how sound design works, how to properly contruct a track and the other nitty gritty shit you need to know.
Have a look at the presets that come with the synths you have. Take some time to deconstruct them to see how they were made and how certain parameters affect the sound.

DO NOT finish your first track and upload it on here asking how you'd send it to a label because you think it's worthy or a release! You will only get laughed at, and ultimatelty become disheartened!
Something I found was a good way to improve my production skills was to enter remix competitions (not that I've ever won any). I always found it fun and learned a lot from downloading remix stems (basslines, lead, drums, vocals etc) and creating my own version of the song. Play around with making your own sounds that fit well with the original sounds of the track you're remixing, change the beats around, chop the vocal up and mess around with that. Worked a treat for me, and you'll find your workflow is quicker when you have some sounds (remix stems) already there in front of you, ready for you to drop into your DAW and fuck about with as you please

Listen to peoples advice on this forum!! Sure there are some users who are complete and utter dicks, but there's a lot of decent people on here who are happy to take the time to give tou advice - much of it is very good advice. Don't be afraid to ask questions; if you don't ask you wont find out. Try to look past the negative comments you recieve on here (you'll most likely get a lot until you have over 500 posts) and take notice of the positive, helpful comments.
FINALLY; something that I regret not doing sooner -

LEARN SOME BASIC MUSIC THEORY!!

Trust me, if you have an understanding of music theory, even if just a basic one, you will find it much easier to produce a track that sounds right. If you have no understanding of music theory, chances are you're going to produce tracks that are out of key and just sound horrible.
I've probably chatted pure shite, but the above would be my advice to new young producers.
Oh, and FINALLY FINALLY, just keep at it, keep doing what you're doing! don't give up too soon. Once certain aspects of production 'click' in you're head, you'll enjoy it a lot more as you'll know better what you're doing.
Peace!