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One of a set of tools we're offering as a way to say thank you for being a part of the community.
You will need to derive your new component from TComponent:
Do the following from Delphi Main Menu:
File\New\Other
Double CLick on Component
Select TComponent as Ancestor Type
For Class Name, give it the name you want to give it, example: TMyComponent
Selectthe palette page you want it to reside on, or enter a new one
The point where you want the unit to be saved and give it a name
Example
C:\Program Files\Borland\Delphi7\Lib\
Note: Do not name the file as the same name as component
Then Hit install, and add all your functions and procedures to it, and then compile.