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You are always required to enter a starting price. eBay recommends 99 cents to start the bidding, but that is ludicrous. Enter the lowest price you are willing to sell for, because many items receive only one bid, and you don't want to sell for 99 cents.
You can also enter a buy-it-now price on an auction. This is only a convenience for buyers who don't want to wait 7 days for an auction. As soon as someone bids, the buy-it-now button will disappear in most categories.
The buy-it-now price is not a reserve to prevent selling too low. A reserve is an extra expense that is unaffordable for daily goods. A reserve is best saved for big ticket items.
With that said, if you have a hot item that you know will sell for a good price because other similar items are selling like hotcakes, you can take your chances on a 99 cent starting bid. But you will have to sell to the high bidder, no matter how low.
I listed a sports car a few years back, and started the bidding at $99 (with no reserve) because I knew it would sell and I wanted the rush of the bidding frenzy.
