1. Go to Developer Console.

2. Go to File –> New –> Lightning Component.

3. Enter Name and Description and click “Submit” button.

4. Enter some Text between <aura:component> and </aura:component> tags.

5. Save the component by navigating to File –> Save.

6. Go to File –> New –> Lightning Application.

7. Enter Name and Description and click “Submit” button.

8. Embed the component by entering Namespace:componentName between <aura:application> and </aura:application> tags.

9. Click “Preview” button to preview the application.

Output:

Cheers!!!