Follow this steps to set the Settings.
To customize your Settings click on the second 'Settings' tab at the top after having logged into the Dashboard and clicked on your blog name or click on Settings under Manage as shown in the image alongside.
This will open the Settings page on the default 'Basic' subtab. Here you can set the settings for Blog Title and Blog Description. These are most important for your blog to get indexed by the search engines. Enter a title for your blog.
Do not use a 'Welcome to' title as advised earlier. This is what will be displayed on the top bar of your Internet browser. Enter your Blog description. Use your primary keywords here. They will be displayed just below the title in the header of your blog. The header is the first part of your web page and hence the first seen by the search engines.
Next is to select whether to add your blog to your Blogger profile. If you select yes this blog will be listed under your profile and will be visible to anyone who accesses your Profile. (how to set your profile private)
If you wish to make quickedit changes in your blog enable Quickediting which is the next setting. This gives you one click access to your posts and anything else you wish to edit in your blog.
Show Email Post links is the next setting and you can enable it to allow your readers to quickly email any post they have just read to their friends. It helps in blog publicity.
Under Global Settings enable Compose mode for all your blogs. This allows you to edit your posts in a WYSIWYG interface. After having set all the Basic Settings click on 'Save Settings'.
(WYSIWYG is an acronym for What You See Is What You Get - 1.Denoting the representation of text on screen in a form exactly corresponding to its appearance)
Lastly there is a button to Delete your blog. Don't worry if you press it accidently because there is a confirmation dialogue which asks you to confirm before deleting.
(If you have any question, click the HELP tab)