You want your description to be engaging and alluring. Think of a movie promotion. It's not just a synopsis of the plot. It needs to use active words and make people care about the storyline.
Read a few best selling book blurbs to get a sense of the different ranges of ideas.
Once those areas are set, it's time to go on to the fun part :).
This example is for my Mused Literary Review, which comes out quarterly. Mused is done for "no profit" so we set that here. You can of course set your book to have a profit :). I highly recommend at the beginning to go inexpensive. You want lots of sales and reviews to build up interest in your book. Later on you can start boosting the price based on those reviews.
Then a summary page to make sure it's all set - check for typos!
And it's live!
Congratulations - you now have your book live in the Lulu store!
Publishing On Demand Step By Step - Lulu
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Formatting your Book for Self Publishing
Creating a Lulu Covers
Setting the Lulu Description
Setting the Lulu Preview
Promoting your Lulu Book
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