So you should review the product to see if it provides value for your subscribers. Does it work? Is it helpful? How is the support from the product creator? You are co-signing on all of this when you send that email to your list. As a newbie you still need to nurture and protect your list by emailing them frequently with more informative content. Just make sure this product meets your standards.
After you have entered your "List Name" you will need to enter a "List Description." Here is where you will describe the kind of information you'll be sending from this list. There is a 400 character limit for the "List Description." Subscribers will see your "List Description" on the unsubscribe page if they ever go to unsubscribe from your list. Once you are done entering your "List Description" click the "Next Step" button.