There is an unbelievable amount to be learned in this field, as I've figured out the hard way mostly. I've been turning for roughly a year now and have learned a LOT and have 99.999 of the knowledge out there for me to even *hear of*.
Anyhow, here are the biggest obstacles I've hit.
1) Drying green wood properly. Lots of methods, some work, some work with voodoo, others with various spells and incantations, and some woods just get an attitude problem. For the first year or three don't spend a dime on green wood, just turn the free stuff! Plan on having that PERFECT bowl wind up splitting down the side. Meanwhile, keeps studying, practicing, making shavings, making firewood.
2) Sharpening the bowl gouge. I posted on this topic a few threads back. I've learned so far on this to buy a good jig like the woverine system or an Ellsworth jig, and use *the right gouge*. The Ellsworth is well known and many like it, some don't, but it only works with a 1/2" gouge (meaning it's made from 5/8" bar stock).
3) Finishing. I've settled on using NOTHING but lacquer except when I need a really antiqued look, whereby I use various oils and varnishes. I either thin 50/50 with thinner or I spray it (I'm blessed to work in a cabinet shop where all this equipment is begging to be used).
4) Mounting the stuff on the lathe---- the best answers I've found so far are a good 6" faceplate (I drilled extra holes to use extra screws) and a SuperNova II chuck. This is a fantastic chuck.
Never give up! I just ordered Bill Grumbine's video (you'll see him here and I recommend you learn all you can from him, his video, and his site).