"Critical Mass" Topic

All of the things – but sometimes it might be in combination with other players.

I would say the minimum is…

A surface to play on

Some terrain

Enough figures for two sides

Some rules

Interest in the period. To me that's the most important thing.
I went into massive British Napoleonic projects twice. Each time it was because the club I was in was doing Nappies and I wanted to contribute.
Each time I discovered that I had little interest in my project and sold them to someone who did.

No miniature wargame happens without
a board (including terrain)
rules (including necessary markers, randomizers and measuring devices)
a scenario and
troops for two sides.

I'll grant you these can be pretty rough and ready, especially early on.

But Winston's right: if the period--or the rules someone else insists on--won't keep your interest, it doesn't really matter how good-looking the troops and terrain are.

I don't need to have any of the things to play a milieu. Someone else certainly can provide them!

(Of course, being infected with "dragon hoarding disease," I'll probably wind up acquiring it all anyway.)

I'm a hoarder of hordes!