To create the first compute instance in OpenStack, preparation is needed, including defining flavors for instance metrics like CPU, memory, and disk.
Flavors in OpenStack define base metrics for instances to be launched, similar to AWS EC2 instance types.
You can create flavors either through the command line or the Horizon dashboard.
Creating a small flavor 'm1.nano' for the 'CirrOS' image involves setting vCPUs, RAM, and disk size.
Setting up an SSH keypair and security groups to allow access over SSH and ping is essential.
Deploying the first instance in OpenStack involves specifying flavor, image, network, SSH key, security group, and instance name.
You can monitor the instance creation event and check its status through commands like 'openstack server event list/show'.
Accessing the deployed instance using SSH and testing connectivity to the internet are crucial steps.
The article concludes by emphasizing readiness to utilize the instance for various purposes and hints at possible next steps like adding storage components.
Overall, the article provides a detailed guide on deploying the first compute instance in OpenStack with necessary configurations and steps involved.