supplies wise. paper, drawing pencils, canvas, an easel, paint brushes.... but what else do you advice every artist to keep in stock?
An eraser, charcoal, pastels, clay, sharpies, various inks, newspaper, paper towels, water, graphite pencils,patience and everything else you already mentioned. those are the things I use anyways.
It all starts with a sketch pad (and pencils, of course). I try to keep my sketch pad with me almost all the time. Keep your phone with a camera handy, too, as there will be times when you don't have time to sketch what you see. From there, decide on your medium. Watercolors, acrylics, oils, pastels, charcoal, pencils (color or black), or possibly sculpture. You'll need brushes, paper/canvas, water/thinner, paints/pencils/crayons (pastels) plus the paints you intend to use. You'll need somewhere to work where it's quiet and you can plan your work and actually do it. You'll need something to carry everything in, whether that be a box or some other type of case. For about $20, one can get a nice sized carrying case that is a soft-covered tote with a handle and wheels that will be large enough to carry about everything except your easel (should you decide to buy one - some media don't adapt well to easels - like watercolors). You 'll need containers for water or thinner, rags, paper towels, tissues, etc. for cleanup and for special effects. All this will cost a considerable sum of money, so I suggest that people start slowly and only buy a few things at a time, particularly if you're not sure what medium you'll like, or even if you'll continue. I second whatpeople have already suggested - talent/mind/imagination.
actually, my easel has a built in compartment where I can put stuff in and take it with me on the go! gotta love it!