[Plugin: Flip Slideshow] Missing Directory During Install

I have completed install of Flip Slideshow and at the top I am receiving the following error:

Flip Slideshow: The uploads dir does not exists, please create it and set write permissions

Please advise where to create, what naming convention to use and how to proceed.

Thank you in advance.

ksholl

http://wordpress.org/extend/plugins/wp-flipslideshow/