A story has to be an emotional experience for the reader. Otherwise, the story is just plain boring. Stories must resonate, and a good story is like indelible ink, it lasts forever.
So how do you create an indelible story?
Simply put, you need a POV character through which the reader can experience the events of the story. It doesn't matter what writing style you use - first person, omniscient, or whatever. The important thing is to be sure the reader identifies with the main character.
Secondly, you need a problem for the main character to solve. A difficult problem. Through the character's efforts - sometimes succeeding and sometimes failing - the reader lives the main character's life. And that's what makes stories interesting.
Naturally, there must be a conclusion; either the character succeeds or he fails. Doesn't matter which one. It only matters that the reader experiences the steps to get to that outcome and that the reader is invested in the main character.
Stories are about people experiencing other people's lives. And, the more difficult those lives are, the more interesting for the reader.