The advent of digital media means that you never have to take no sitting down. Just because you don't have the budget of a Steven Spielburg, it doesn't mean your dreams of cinematic ecstasy are dead. You just need to learn how to bootstrap your own film. And these days it's not so hard.
The key, of course, is to have a story worth telling. For real. Always remember that you are telling a story here. Your plot is your bread and butter and you are plying your audience's appetite.
At the same time, though, try to be realistic. You cannot make realistic, life size dinosaurs in your film. You just won't be able to do it. But what you can do is imply dinosaurs. You can do a lot with shadows and after effects.
You don't need the fancy equipment. That stuff costs a butt-load, and the amount of value it will bring to your production is negligible in effect. Always turn to rental equipment when possible. This is more cost-effective in the long run and will save you a ton of money in relation. Also, remember that there is much that is cheap or free nowadays. From lighting equipment to open-source editing software, you shouldn't have to crack your wallet too wide.
Once your script is done, plan out each and every shot of your story. This is vastly more efficient and way more cost effective than planning out a shot on the day of shooting. Break your script down into scenes and then plan your shoot to make the most efficient use of resources.
Think about everything engaged in the shot process. What angle will you shoot from? Are you doing a wide shot or a close up? Try to shoot toward the editing phase with as many alternate angles as you can manage for any given scene. This is called safety and it will keep your movie safe.
The reason for all the planning, of course, is to limit the amount that can go wrong while you are on set. Think you may not have enough video tapes or flash discs to record all your media? Splatter a few extra into your camera pack. The key phrase here is those who fail the plan, plan to fail. You will suffer severely for any undersight.
Most importantly, don't think that you have to go to NYU in order to succeed as a filmmaker. Just because you have no education doesn't mean you can't make the most of your story. Do a little bit of research and you can fight out there with the big dogs.
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