It seems several of the tutorials listed on the views slideshow module page are outdated or broken. I've successfully set up my first views slideshow with this tutorial but if you prefer to learn by watching here is a video of the exact same tutorial.
Be warned, the views slideshow configuration process is pretty lengthy and it's rather frustrating when it doesn't work (for instance I had to disable the devel module because of a conflict in firefox). This is a necessary trade-off if you require high customization and functionality. If you want something simpler, check out the Rotating Banner module, it has great usability and works out of the box.
Make it Responsive!
You can make your views slideshow responsive by installing the Flex Slider and Client-side Adaptive Image modules. Simply configure the settings for flex slider in admin>configuration>media:flex slider and then in your slider view, go to Format>Slideshow-Settings, select "Flex Slider" in the "Slideshow Type" drop-down menu. Then go to Fields>Content:"Your Image Field," in the Formatter drop-down menu select "Adaptive Image" and configure the breakpoints.
For troubleshooting your views slideshow configuration see the module's issue's board or start by trying the suggestions in this post there.
(if you find this wiki to be lacking or outdated we apologize and encourage you to contribute your own knowledge and research to the wiki)