Personally.... I 'need' to have fun. And hunting is fun for me, on just about any level.
I need to be comfortable to have fun (usually).
As far as bow equipment goes. I feel that I personally need a good sharp head, on a decently heavy arrow. A bow (compound if you want me to bring something other than salad home), and some sort of sight reference. Currently, that would be pins (or pin).
I'm quite far from shooting a bare bones rig, but I have taken a step or two back from where I was two or three years ago.