Ok so it looks like you are not trying to run it properly. First things first you need to create an Android Virtual Device (AVD). This will be the profile of the device you will be emulating. Open up a terminal and follow these steps. Make sure you have the SDK installed and you are in the ./tools directory of your SDK.
For this example I will be creating an AVD named "Nexus_7".
Step 1: determine your target:
/.android list targets
You will get an output of all of your available targets, here is the one I will use:
id: 3 or "android-18" Name: Android 4.3 Type: Platform API level: 18 Revision: 1 Skins: HVGA, QVGA, WQVGA400, WQVGA432, WSVGA, WVGA800 (default), WVGA854, WXGA720, WXGA800, WXGA800-7in ABIs : armeabi-v7a
Step 2: Create the AVD:
./android create avd -n "Nexus_7" -t 3
For simplicity, when it prompts you to create custom hardware specs, just enter (or enter no then press enter).
You should get output like this:
Created AVD 'Nexus_7' based on Android 4.3, ARM (armeabi-v7a) processor, with the following hardware config: hw.lcd.density=240 vm.heapSize=48 hw.ramSize=512
Step 3: Launch the Emulator
Here is the moment of truth:
./emulator -avd "Nexus_7"

It will take quite a while for the emulator to start, especially on the newer Android builds. You can screw around with hardware acceleration if you want it to move a bit faster. Also you should use Screenshots to speed up the boot time. I got all of the info from: