Create a Setup Guide

CONTRIBUTING.md

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+# Development Setup Guide for Erlang Repository
+
+## Introduction
+Welcome to the Erlang Repository! 🎉
+
+This guide aims to assist contributors in setting up their local development environment. While some sections are complete, others contain placeholders (`TBD`) where input from the maintainers is required. Feel free to suggest improvements or raise questions in your contributions.
+
+
+## Pre-requisites
+
+To work with this repository, you'll need the following tools and dependencies:
+
+- **Erlang/OTP Version** :
+  -Erlang/OTP 23+ (With best effort for OTP 22 support)
+
+If using the Elixir API:
+
+-Elixir 1.13+
+
+- **Operating System Requirements**: TBD (Any OS-specific instructions).
+
+Refer to the official [Erlang Installation Guide](https://www.erlang.org/downloads) for setting up Erlang.
+
+
+## Worflow
+
+### Clone the Repository
+```bash
+
+git clone https://github.com/open-telemetry/opentelemetry-erlang.git
+cd erlang
+```
+
+### Install Dependencies
+TBD (Provide commands or steps to install required dependencies).
+
+## Local Run/Build
+
+### Run the Application
+TBD (Add instructions for starting the application locally).
+
+### Build the Project
+
+TBD (Add commands or instructions to build the project locally).
+
+- Update placeholders in the configuration file with relevant values: TBD.
+
+## Testing
+
+### Running Tests
+To ensure your changes do not break existing functionality, run the test suite:
+- Command to execute tests: TBD.
+- Tools or frameworks used for testing: TBD.
+
+### Understanding Test Results
+TBD (Explain how to interpret test results, if applicable).
+
+
+## Contribution Rules
+Please review the [OpenTelemetry Specification](https://opentelemetry.io/docs/specs/otel/) for details on coding standards, commit message formatting, and the contribution process.
+
+If you encounter any issues or have questions, feel free to open an issue or reach out to the maintainers.
+
+
+## Further Help
+- Links to communication platforms like Slack or Discord: **TBD**