How close are we to finding a cure to the Common Cold? What's the 'official' steps in finding/confirming a cure?

I was thinking about this today, as I'm sick once again in the summer. How close are we to finding a cure for the Common Cold?

I would also like some context on how we are trying to find cures for anything. And maybe some discussion on the process of trying to find cures to whatever.

This is my first post on Ask Science, I hope it's in the right form (and I hope I sound smarter than I actually am).

EDIT: Spelling/Formatting.