Narrativium: the story is the thing
One of my favourite authors is Sir Terry Pratchett. His death is such a great loss, and along with worldwide fans I mourn the fact that there will never be another of his books, and I go back to re-reading well thumbed editions of his works.
Terry Pratchett defines narrativium as "The most common element on the disc, although not included in the list of the standard five: earth, fire, air, water and surprise. It ensures that everything runs properly as a story. For example, if a boy has two older brothers, chances are they will go on a quest. The first will be strong, and fail because of his stupidity, the second will be smart, and fail because of his frailty and the youngest brother will then have no choice but to go out, succeed and bring fame and fortune to his poor family. This phenomenon is also known as Narrative Causality. Dragons breathe fire not because they have asbestos lungs, but because that is what dragons do. Heroes only win when outnumbered, and things which have a one-in-a-million chance of succeeding often do so. "
In writing, the story is the thing - what happens, who it happens to, when it happens, where it happens, and how it happens. (More studious writers will recognise this as the 'four W's and the H). A good way to test your story is to answer these questions for yourself, and ensure that your reader can do the same. Of course, when you come to pitch your work, narrowing the story down to one concise sentence that hooks your reader is the essence of your pitch. You'll often read these types of pitches in the blurb of a published novel or story.
There are of course literary magazines and websites where the published stories don't comply. I've read some of those stories, then realised I had to re-read them several more time before I actually knew what had happened, if at all. In those instances, I wonder whether it's simply brilliant writing and I simply didn't 'get it', or a refusal on the part of those reading to admit their own confusion, and imbuing meaning where not intended, in the hope of appearing erudite, much like the instance of the emperor's new clothes. Adrian Plass (another favourite author) famously once tested this school of literary appreciation in a poetry group, by composing a poem consisting entirely of the clues in the Sunday Times crossword. He left when they applauded it as profound. I may of course be misjudging this type of writing, and will leave it to the reader to make their own decision. Although I am tempted to write and submit something really obscure and see what happens!
If you're writing fiction for publication, then most editors are looking for a story, one that is fresh, and well executed. I've been reading Kathy Reich's short stories, and was struck by how she found inspiration in news articles: Combine a radio piece about the invasion of Burmese pythons in the Everglades with a corpse, Dr Temp Brennan and a a lot of what ifs, and a great story is the result. It's also a great illustration of how a writer can find inspiration anywhere. All you need is an alert and inquring mind.
A writer is a story teller. So what is the story you're telling?