Look at the portraiture of the following photographers:
W. Eugene Smith
It is important to remember this assignment requires more than just taking pictures of a person.
The most successful work will capture something essential about the subject, something about the real person.
It is not about using props to tell a story but rather requires insight into that part of your subject that is not often shown but is revealed by you. Alternatively, you may choose to work with a major element of your subject’s personality / character and capture that quintessential characteristic.
This is about capturing the decisive revealing instant whether you choose to work candidly or you choose to setup and / or pose your subject.
Either way in addition, I expect a strong graphic image, meaning all elements within the frame are carefully considered e.g.:
Your image(s) will have
(1) Balanced and well considered composition
(2) Full range of tonality
(3) Appropriate use of depth of field
(4) Overall sharpness
(5) Proper print quality