If you're just starting off in Valheim, there are a few things you must build in your first base. This is before you can even think about summoning and fighting Elkthyr, the first boss. Ensuring you have the tools and resources to sustain your starter base is important. It will enable and give you a safe zone in the world and ensure that you can get a good night's sleep to feel Rested.
Securing at least one source of food must also be prioritized. Of course, you could hunt Necks and Boars for nourishment. However, certain types of food are better. On that note, here is what you need in your starter base on the first island in Valheim. It's not a lot to do, and even if you play solo, you won't take more than a few days to get things up and running.
Here are three things you need in your starter base on the first island in Valheim
Build next to a clearing or use an existing building

One of the first things you want to do is look for a clearing. This will be your starter camp. Don't be afraid to explore for a suitable location. While exploring, you'll find food such as Mushrooms and Raspberries, which can be consumed to boost your Stamina. Don't feel shy to pick up as much as you can.
Aside from food, you will also come across Flint, Stone, and Wood. You won't need much Stone initially, so focus on Wood and Flint, but it doesn't hurt to have extra Stone as long as you are within the weight limit. I would recommend building a Stone Axe as soon as possible to fight Greylings.

Once you find a nice spot, go ahead and build a Workbench. This will be the foundation of your starter base in Valheim. Next, set up a Campfire. Build a Cooking Station over it, and you will now be able to cook Deer Meat and Boar Meat. Lastly, you will need to build a Chopping Block and Tanning Rack.
These structures don't serve any purpose by themselves, but they do level up your Workbench. This allows you to upgrade weapons and armor to give you an edge in combat. Note that leveling up will allow you to perform better in combat and when gathering resources, but it never hurts to upgrade your gear.
Search abandoned buildings for Beehives

While exploring the Meadows in Valheim, you will often come across abandoned buildings and entire villages. Some of them may have a Beehive within. If you're able to destroy them, you will get what is called a Queen Bee. With her, you can create your own Beehive within the confines of your starter base.
It may not seem useful at first, but this will ensure that you have a steady supply of Honey. This golden nectar of the Gods, when consumed, gives you a solid boost to Stamina. You will be able to run and jump for longer periods without having to rest. It is useful in combat as well.
Create Sharp Stakes around your base

The Black Forest in Valheim is dangerous if you're new to the game. However, it also holds some useful resources like Corewood. Unlike regular Wood, this one is sturdier. You can build taller without having to worry about the whole structure collapsing. But that's just one aspect of Corewood that cannot be overlooked.
It will be used to create Sharp Stakes. If you're thinking that this is only ornamental, you'd be wrong. These are perfect for defending your first base in Valheim. Fair warning: it will be difficult to get Corewood from the Black Forest. Greydwarfs will be the least of your worries there. But if you are up for the challenge, look for Pine and chop it down to get this resource.

Keep in mind that Sharp Stakes will hurt anyone, including you, if you jump atop them (even from the opposite side). Place these around your outer wall, and you'll see creatures being repelled with ease. Using a Crude Bow, you can then take them out from afar behind the safety of your walls. However, do note that when Sharp Stakes are destroyed, the resources are not refunded.
That is everything you need in your starter base before taking on the first boss. However, there's a lot more to do before you leave your first island in Valheim. Take your time, explore, level up your skills, and upgrade your gear to prepare for the adventure ahead. If by chance, the Swamp or Mountain biomes happen to spawn on your island, do stay away from them. Death is guaranteed.
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