What makes a good parent?

I thought of this question the other day and had a hard time coming up with an answer. If you asked the kids, they would say a good parent is the following.
Lets them do whatever they want.
Gives them whatever they want.
Lets them stay up as long as they want.
Doesn't make them take any responsibility.
Doesn't interfere with their life.
Lets them make all their own choices.

Then I thought of what society considers a good parent to be.
Disciplines their children so they will obey.
Gives them what they need, not necessarily what they want.
Makes sure their well being is considered and enforces dos and do nots to help the child.
Makes the child take responsibility for their actions.
Makes decisions in the best interest of their children, that might not necessarily be what the child feels is in his or her best interest.
Allows the child to explore making decisions, but has the understanding with the child that the Parent's decision is final.

I have four children I am attempting to raise. Each with a different personality, different motivations and my parenting skill sets have to be flexible to be able to parent each of them where they will see the best benefit.
Parenting is an unexact science and even the best of parents sometimes have a child who is a "challenge" but we can never give up or give in. The results are too important.