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When you created a project you wrongly selected option.
It should be "ASP Web Application", you may created "Class Library" project, where you can't execute that class library project, so error occurred.
or
Your solution may had class library project, select web project right click on project and set as "Start Up Project" then try executing, it will work.
Mark as answer, if helpful.
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Hi, Please check below links
http://stackoverflow.com/questions/14506185/a-project-with-an-output-type-of-class-library-cannot-be-started-directly
http://stackoverflow.com/questions/3363106/a-project-with-an-output-type-of-class-library-cannot-be-started-directly