Click on the option Create a Virtual Machine.
Select the phone which you want to launch.
Click on Next and then click on finish to launch the device.
Once you click on Finish that device will be listed in your Android Virtual Device Manager panel.
Finally you can launch the device.
As an alternate in case you face an issue to work with android emulator then you can install genymotion as well to run your application..
Please refer the below given link to check the steps to configure genymotion.
Feel free to contact us in case you have any query.