Oh to become a photographer?

I have always loved photography, and I thought I had an eye for composition.  But I look at my photos compared to others and I still have a lot to learn.  I'm wondering if I need better equipment?  Do I need to learn more about exposure, white balance and shutter speed?  Or does the advantage come in how you edit the photos? 

My passion is people pictures, action shots not posed.  I want to be able to take a shot of someone as they are laughing, crying, or yelling...but I can't seem to capture that emotion! Please let me know if you have any tips that I can use.