Haha, I had to laugh at the "will grow into a nasty dog" comment.
I think that all puppies go through this stage. For Missy, we just said "Ow" or yelped when she bit us, then we would ignore her after. Don't continue to play with her or give her any attention after. She will learn quite quickly that you want nothing to do with the biting/growling. If Missy absolutely refused to stop, then she got a time out. It took a couple of weeks, but she did stop completely and is great now.