Lead by example. Your kids will mimic your actions. At same time, let them find their own way. Encourage and make suggestions on their road of life, just don't tell them which road to travel. It's their journey. Let them experience it. Part of life is making mistakes, so let them fall down. Teach them that they won't fail unless they don't get back up and try again. Don't be afraid to tell them you've fallen down. Kids like to put us in a pedestal, let them know you're human too. Mind you, they do need discipline if they screw up bad enough, just don't hold them at a higher level than you'd have yourself held at.
Sorry for rambling, thought I'd respond quick while I'm shopping for graduation party.
A few given to me over the years:
-Discipline them as much as you love them.
-Don't try to be their best friend.
-Find a routine time to just have a conversation with them. That way when something comes up, the line is open and they aren't afraid or embarrassed to talk.
-Be deliberate in your parenting, not passive. The world is very active in influencing your children, you should be too.
And my all time favorite advice...
-Don't potty train your daughter. No one will ever get a girl pregnant who wears diapers.