1. Something important is something that is of great value to a person/thing/process/activity. eg: "When driving, it is important that you are aware of your surroundings."
"I would do about omg for my brother. Family is very important to me."
2. Something is compulsory when it is something an authority has decided you have to do.
"Wearing a shirt at school is compulsory."
3. Something that is necessary is something that has to be present (or an action that has to happen) in order for something else to happen.
"Communication is necessary in all professions."
4. "Essential" is largely interchangeable with "necessary". They are synonyms. "Essential" can be considered to be a little stronger than necessary. Something that is essential is one of the first and most basic things that are needed for something to occur.
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