What does it mean to be open minded?

So just wondering, during this election, and especially over the past few years I have heard lots of people talk about being open-minded. So I have a question, what does it mean to be open minded? I have noticed that people in general consider liberal views as being open minded. So does that mean if you have conservative values that you are close minded?
If you have searched something out in your mind and have studied all possibilities about it, and then you have made an informed and educated decision about what you think or believe, isn't that being open-minded?
I don't think that you have to change what you believe in to be open-minded. I just think that you have to Open your Mind to all information and then draw conclusions of your own, based off of that information.
Now I have to admit a lot of conservative Christian people do preach love over the pulpit and then hate those that do not believe the same as they do. And I understand that, that is the source of the hurt feelings people have. BUT it is not fair to label every christian conservative as close-minded and judgemental.
Every position has 2 sides. And in all things there must be opposition. That is how this life was created so that we can know the joy after we have tasted the bitter. We also all have FREE AGENCY, and I don't feel that just because I use that free agency to believe how I choose that I should be condemned and called names. BUT of course just because I don't like it doesn't mean that it wont happen.
I think that only way to be happy in this life is to not compromise your beliefs for anything, but at the same time love those around you despite the differences. It is OK to have an open mind and explore, but it is also OK to live what you believe because of those explorations.
A lot of the time I wish Liberals would have more open minded attitudes also. So what do you think about that?