Hi,

As a general guide, most generic "made in China" speed controllers are now setup with default settings to:

brake - off
battery- Lithium battery
Cutoff -Reduce power at medium (eg 2.75v per cell)
Startup - Normal for aircraft
Timing - medium for general outrunner

Connect blue to white, red and black dependant on the rotation required for prop.
Plug in battery and receiver and you are good to go.

When battery gets low, it will reduce power. this is your hint to land.

Have fun

Boyd