OUTDATED!! IGNORE THIS GUIDE!! Edit
I'll maybe start from scratch later on, but with 3.9.0... although not very likely...
Setting it up Edit
Download the latest version of Prophesy of Pendor (if you haven't, check here - Main Link).
Extract the folder into C:\Program Files (x86)\Steam\SteamApps\Common\MountBlade Warband\Modules.
Run Mount & Blade: Warband in Steam, change the current module to Prophesy of Pendor.
For Mac users: place the already unzipped PoP files into the Modules folder. To find the Modules folder -> Open Finder. Click "Go" on the top bar. Hold down "option/alt" to see the hidden "Library" folder. Click "Library". Navigate to /Application Support/Steam/SteamApps/common/MountBlade Warband/Modules"
Character selection Edit
It is recommended to start with high values in Looting (you'll get more loot from battles) and Pathfinding (increases travel speed on the overland map, shortening up the travel times and making it faster to escape or catch up to another party).
Other skills to consider and which are suggested to at least add a point to are Weapon Master (will make your weapon proficiencies level up faster, making it easier for the player later on), Spotting (increases map sight range, making it easier for the player to spot fights and other parties), and Inventory Management (especially if your looting is high).
Always have at least 1 point in Prisoner Management.
Surgery, Wound Treatment and Leadership are three other important skills, but not as important as the previous ones for the early game. Persuasion can be very useful, especially when trying to get other lords to join your kingdom, but again, not recommended to take in the early game.
Looting, Pathfinding, Spotting, Surgery, and many other skills are "party skills," which means that any one of your companions having these skills will apply its effect to the whole party. It's a good idea to delegate party skills to companions, leaving you with more skills points to apply to personal and leader skills. Delegating party skills to companions may make the beginning of the game harder, but it will allow you to more easily have a character with top fighting and leadership skills.
There are many methods of developing your character. Have fun and challenge yourself!
Click here see how choices affect your initial stats.
Starting Kingdom Edit
After selecting the choices and finishing creating your character, the player will be asked to choose a starting location. A player will only be able to start in a kingdom if the player's starting choices didn't make him/her start the game with a negative relation with that Kingdom.
The easiest kingdoms to start in are The Empire and The Kingdom of Sarleon. Starting in the empire, the player will face mostly Snake Cult parties which offer high-value loot and will rarely drop a Snake Cult Rituals book, which is advised to be saved for later on. The main problems with starting in the Empire is the Merchant of Janos's final mission: to take down a Snake Cult hideout, which has a high chance of containing a Snake Cult Leader, a really hard enemy for this point of the game. If not armed with a shield, her light crossbow can kill the player easily.