The first thing figuring out who you are as an artist. This is because it helps in determining, the style instrumental you would use. for instance you wouldn't want to give a beat more suited to Mos def to Young Jeezy.(unless the project specifically calls for such a change.)
There is a huge difference,in being versatile and just not understanding who you are as an artist. You have to know the line. and you have to know who you are as an individual artist. Finding the producer,beat and instrumental that fits.