If you are able to create this tablespace(logical entity of Oracle database to hold user objects) then you already have created the database.
Yes, this is expected. The statement defines a datafile of 300MB size in underlying storage.
You can also auto increment size. For example, initially you have defined its size as 300M. When you create new objects and perform DML, they will use this space. Once this 300M is consumed by objects you need to either add new datafile or increase its size or let the Oracle increment its size as needed.
CREATE TABLESPACE tbs_02
DATAFILE '/diskb/tbs_f5.dbf' SIZE 500K REUSE
AUTOEXTEND ON NEXT 500K MAXSIZE 100M;
It creates a tablespace called
tbs_02with a datafile of
500K initial size. Once the
500K is occupied by objects it will be incremented by
500K at once and grows upto
If you are new to Oracle database I strongly suggest you to follow Oracle Concepts Manual