This is one of those questions which has many answers, ask a 100 people get 100 different answers.
If we are talking fine art photography and particularly photography to get recognition on a degree course. Then it seems at this moment in time, what is required to keep most lecturers happy, is an idea that is well thought out (no matter how mundane or minimal, though it doesn't have to be!) and you show that you have researched your subject, and have a clear idea/direction of what you want. They like you to show your thought process, from inception of the idea, through the research of that idea, to completing the project. It certainly helps if you are positive about the work you are producing, if when questioned about your work you show any doubt about the outcome of that project, you tend to be marked down or given a not so complementary critique.
I have seen people enthuse about a project photographing house bricks, and who could tell you their reasons for undertaking such a project and the meaning behind it. This type of photography is not for everyone, it is not something that floats my boat, but I can appreciate the work that has gone into producing the work.
Confidence and belief in what you are producing are the most important things, the best person to photograph for is yourself, if other people like the work it is a bonus. That is easy to say but harder to follow, because most of us like to produce work that is liked, admired or appreciated in some way. It is certainly more enjoyable when you have positive feedback than negative, but the latter should never stop you doing what you prefer, trying to please others doesn't usually pay off financially or spiritually.
Don't over analyse what your doing it usually kills any creativeness. We can't be brilliant from word go, its a journey that takes time, and part of that journey is the not so successful projects as well as the successful ones.
I hope this makes at least a bit of sense but even if it doesn't, it does to me and thats the point
Neil