When creating a new picklist using "Use global picklist definition" take what values?

Hi Suraj

You need create Global picklist values:-

Use global picklist value sets to share values across objects and custom picklist fields, and to restrict the picklists to only the values that you specify.

A custom picklist is tied to a particular object as a field on the object. Unlike a custom picklist field, a global picklist exists independently as a global picklist value set. Its values are shared with any picklist that’s based on it.

A global picklist is a restricted picklist by nature. Only a Salesforce admin can add to or modify its values. Users can’t add unapproved values, even through the API.

You can have up to 500 global picklist value sets in an org. Each global value set can contain a mix of 500 active and inactive values. There’s no limit on the number of custom picklists that use global picklist value sets.

• From Setup, enter Picklists in the Quick Find box, then select Picklist Value Sets.
  Next to Global Value Sets, click New.
• Enter a label for the global value set. This name appears in Setup, and when users create a picklist based on this global value set.
• To tell users what these values are for, enter a specific description of the global value set. This text appears on the Picklist Value Sets list page in Setup.
• Enter the values, one per line.
• Optionally choose to sort the values alphabetically or to use the first value in the list as the default value, or both.
• You can’t change these settings later.If you select both options, Salesforce alphabetizes the entries and then sets the first alphabetized value as the default.
• Click Save.
  Your global value set is ready to be used in custom picklist fields. You can reorder the values by clicking Reorder.

Hope this may help you:

Thanks