What do I need to make my portraits look awesome?

Okay, just to explain, I'm not trying to do this for business. I'm doing it for fun and practice (lots and lots I need). I'm taking a photography class here and there but I can't afford to study it full time, so I do a ton of research and trial and error. I just want to know what kind of materials will I need to do portraits in my home or outside (of friends, family, etc)? I have the D7000 and 50mm 1.8 to work with. I'm also shopping around for an affordable flash that will bounce light and also contribute to better portraits (so any suggestions will be welcomed). I have been told that the Promaster 7500EDF was a good alternative to the Nikon brand flashes, but if the price difference between that and their flash isn't that extreme and nikon's is better quality, I'd prefer the better one. Ok, give me some great answers! Thanks!

Added (1). (affordable equipment and anything DIY) thanks

Added (2). Thanks for the answers. I have already started working on it and I agree that communication and lighting are extremely important.

Basically good portrait lighting makes portraits look awesome, that and good communication between the photographer and subject.

I would stick with Nikon flashes because only they have the proprietary electronics that work perfectly with the D7000 AND the Nikon Wireless Communication system (4 Channels) and supports CLS Supported Built-in flash Commander Mode

More on lighting

http://www.strobist.blogspot.com/

You need skill. Really that is all you need. Your 50mm lens is great to work with and will give you a nice, sharp photo with great bokeh and great low light ability. Your camera is awesome. You have the materials, you just need skilll.

I'm personally NOT a fan of promaster ANYTHING. It's just not built to last and usually just plain falls short. I do know there are a few things here and there that others have been happy with. Nikon quality is definitely much better.
Take a look at the Sigma 610 DG Super if you really want an excellent flash that is comparable to the Nikon flagship units without the cost. The 610DG Super is i-ttl and capable of full manual and a host of other things. Tilt, swivel and bounce. The 610DG ST is not fully manual, but it is a good option with a full power and

The Nikon flash system is probably the best there's, it's also the most expensive, if you want to maintain TTL flash and use a radio sync you have to buy a Radio Popper which will cost as much as a TTL flash does. A couple of flashguns a set of Radio Poppers and you've spent more than you did on your camera.

There's a far more versatile and much, much cheaper solution which is manual everything, camera as well as flash.

When taking a flash image you are taking two exposures at the same time. The exposure for the ambient component and the exposure for the flash component. Using manual everything both are independently controllable.

Manual flash works like this;

ISO and aperture effect both the ambient and the flash components.

Flash power and flash to subject distance effects just the flash component.

Shutter speed effects just the ambient component. The duration of the flash is so short (faster than 1/1000th of a second at full power to 1/50, 000th of a second at 1/256th power is normal) that slower shutter speeds don't have any effect on the flash component.

A manual flash can be had for £35 - £65, the radio sync for £30 add in a soft-box or reflective umbrella and a light stand (£30) and your away.

Getting the right exposure is hit and miss at first, you take a shot, adjust as necessary, take another and so on using the rear screen, but you will quickly get close (within a stop) with practice.

There's a way you can get totally accurate exposures by using a flash meter (£130 or so), using these your exposures will be accurate to 1/10th of a stop, every time.

See this site

http://strobist.blogspot.com/2006/02/welcome-to-strobist.html

Ok, I'll give my greatrst answer. Fitst, nothing is donr just for fun. Woody Allen loved fun, so he lost Mia Farrow and bla, bla, bla.
Second, trial and error is what someone tries to look for in a foreign pool. Yes, I spent many years looking for a pool, but the pool is myself.
We all that love phptography were puzzled about brands, focal lengths and etcetera. Photography is sonething that you have in your heart. And, yes, I'm the first around here mentioning the word HEART.
I will use your own words now. Such a stuff about flashes and lenses and lomography. What's all that about? I don't wanna be tricky, just. Life is strange and photography is of the things that can make it more affordable.
"I hope this helps"