Having project files is a way of grouping your storyboards together. Projects are what you'll see when you visit the Project dashboard. They can be made up of various storyboards. 

To start a new project, just click New project. 

A storyboard is a collection of frames. In Boords, you'll spend most of your time editing storyboards. 

Frames are the individual panes within storyboards. They are made up of an image, a label, voiceover, action (and/or many other) notes.