Cannot connect to the Sharepoint Site from Visual Studio 2010

Question

I'm new to Sharepoint. I'm trying to create a simple webpart using Visual Studio 2010 but when I try to validate my Sharepoint Server (both VS 2010 and Sharepoint are present in the same system) it says:

Cannot connect to the SharePoint site: http://wpnne76648:2010. Make sure that the Site URL is valid, that the SharePoint site is running on the local computer, and that the current user as the necessary permissions to access the site.

If I ignore this and click finish and then try to deploy the application it says:

Error occurred in deployment step 'Recycle IIS Application Pool': The local SharePoint server is not available. Check that the server is running and connected to the SharePoint farm.

Note: I can open my web application in the browser.

Answer 1

Ref: 2
This issue can be fixed by doing the following :-

1. Added myself as the administrator

2. Added myself to SharePoint Farm Admin Group

3. Provided DB Owner access to SharePoint Content DB