Port and starboard are fixed sides of the vessel: port is left and starboard is right when you face the bow.
When facing forward, the left side of the boat is port and the right side is starboard. Navigation sidelights are red to port and green to starboard. Lateral buoy colours are jurisdiction-specific: the UK uses IALA Region A, where port-hand marks are red and starboard-hand marks are green in the direction of buoyage; Region B reverses those lateral colours.
A useful mnemonic: 'port' and 'left' both have four letters. Another: 'Is there any RED PORT LEFT in the bottle?'
Interpret an instruction from anywhere aboard
You are standing in the cockpit facing the stern when someone reports a fender dragging on the starboard side. The vessel's starboard side has not changed just because you turned around.
Sense check: A vessel's port sidelight remains red worldwide; IALA Region A or B changes lateral-mark colours, not the vessel's sidelights.
Common mistake
Port and starboard belong to the vessel and do not swap when a crew member faces aft.