As said above you have to go after the bosses to progress to better building and equipment items.

You can take as long as you want though and if flint weapons and tools will do for you then so be it.
Bronze weapons and tools are locked behind the first boss, iron is locked behind the 2nd boss and so on.
You can cook better food after each boss also.

After setting up your base and you find nothing else to do then start going after the bosses.
Having a few wolves tamed and guarding your base will even take down the Trolls that may attack your base. To get wolves you will have to kill the first boss to get what is needed to make the potions to keep you from freezing until you get to wolves down low enough to be safe or build the pen and a small house to have a fire to keep you warm while the wolves are tamed.