Hi Justin Bieber 1000, welcome to BB!!! This game is pretty complex if you really want to get involved and try to become the champion, but after a week or so, things will start to look more clear.
So, I have several advice:
1. Read all of the game manual. There is so much information, but all of them (or majority at least) are information that you should know about.
2. Invest in your draft. Since your team is placed 7th, you will be getting a high pick in this season's draft. Higher pick means more chance to draft better players. But in order to check who's good and bad, you need scouting points. So I suggest that you invest $20,000 in the draft (3 points).
3. Get yourself a lvl 4 trainer. The salary should be in the range of 12k to 18k or so. You don't have to worry about speciality at the moment. You should be able to buy a lvl 4 (advanced) trainer with 20k. For now, you don't need to worry about doctor and PR manager.
4. Invest in arena. Building arena is one of the most important things to do when starting this game. For now, focus on bleachers and lower tiers (you should invest constantly, even if it's a small amount).
5. Get yourself your trainees. Look for 18 year (max 19 year) old trainees. You only want to train either guards OR bigmen. You don't want to train guards and bigmen at the same time. Forget about small forward for now, because training a small forward is quite tricky, and you need to be more familiar with the game to train a small forward.
The height is important. If you're looking for guards, I'd say the tallest should be Height: 6'4" / 193 cm, but shorter the better, because they train faster.
If you're looking for big-men, I'd say the minimum height should be Height: 6'9" / 206 cm, but taller the better because they train faster.
In terms of the potential, for now, you want to look for players with allstar, prennial allstar, around this range. Getting a hall of famer is useless at the moment I'm telling you.
In terms of the starting skills, you'd want at least reasonable skills to start off with. For example, if you want to train a guard, you want him to have something like...average JS, average OD, average JR etc. Try to avoid buying players with some actrocious in a guard skills (but you can still buy them if you want to). If you want to buy a big-men, then it'd be something like...average IS, average ID, average RB. But even if the skills are little lower, I suppose it's ok.
Send me BBmail whenever you have questions. And post on Indian forum as well. People will always help you when you have a problem.