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You will define metadata language and you also have the option to enter values in different languages. (please see Metadata Languages - 34.70.10.0). 

NOTE

When multi-ianguage content is enabled, you will see an extra icon in search tab: languages (flag)

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• You will enter a name and description for the field you create.
  
  
  Please see Metadata Types - 3.7.1.0 for detailed information on the types of metadata fields.
  Please see Definition Packages - 3.7.1.0 for detailed information on editing definition packages and binding. 
  
  

Initial value is not a must, the field will show the initial value only if you enter one.


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• You will set the viewing options and other properties for the field
• You will set the security settings for the field . ( Who can read, edit or delete the field information from the assets )
  
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• You will set the metadata field to be visible for Bins and/or Assets and which kind of assets if you like.
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And you are done. The custom field is ready to use in your project.