How to set a static front page for my WordPress blog / website?

Step 1 - Create or select a Wordpress Page

First step is to create the new page. if you want to select an existing page, thats fine too.

To create a new page, goto WordPress admin area -> Pages -> Add New.

Once you have created and saved the new page, you are ready to set it as the websites front page.

Go to Settings -> Reading.

Step 2 - Set the selected page as the Wordpress Home page

Go to Settings -> Reading.

Once there, tick "A static page (select below)" in the "Front page displays" section.
Then from the "Front page" drop-down menu choose the static page you wish to make as home page and click Save Changes.

Now browse your home page and verify everything is in order.
(You might want to clear Wordpress cache if you are using any cache plugins to see the change. )