How to show text in combobox when no item selected?

Use the insert method of the combobox to insert the “Please select item” in to 0 index,

comboBox1.Items.Insert(0, "Please select any value");

and add all the items to the combobox after the first index. In the form load set

comboBox1.SelectedIndex = 0;

EDIT:

In form load write the text in to the comboBox1.Text by hardcoding

comboBox1.Text = "Please, select any value";

and in the TextChanged event of the comboBox1 write the following code

 private void comboBox1_TextChanged(object sender, EventArgs e)
        {
            if (comboBox1.SelectedIndex < 0)
            {
                comboBox1.Text = "Please, select any value";
            }
            else
            {
                comboBox1.Text = comboBox1.SelectedText;
            }
        }