It can be hard to say exactly what makes a good story, but it is easier to say what makes a bad story.
In a bad story, the reader finds themselves asking questions such as Is that it? or What was the point of that? Here, the reader feels that there was no reason to anything—in other words, the story had no meaning.
To create a meaningful story, a writer must ground their narrative in a setting that is authentic and appropriate. They also need to develop characters that the audience genuinely cares about as the plot advances. This plot must be driven by a conflict that is difficult—but not impossible—for the protagonist to overcome.
A writer must also think about how to reveal information to the audience, which can be done from a specific point of view depending on the story being told. Finally, a writer should consider whether they will tell their story within the conventions of a particular genre, or whether they will subvert or ignore these tropes to tell a more unique tale.
When it comes to writing our own stories, the bottom line is this: if we give our story to someone else to read, and they begin to nod off or look confused, it's not working. If, however, they slowly lean forward, and begin turning the pages more quickly to find out what happens next, they're hooked.
This will almost never happen immediately. However, if we take the time to reflect on each of our narrative elements, and consider how we can use them to more effectively engage our readers, we can learn to craft stories that are genuinely entertaining and thought provoking.