I want the actor to randomly change its color when the game starts and I have created a blueprint for it but it is not working according to what I have thought can anybody help me?

You can’t call function like that in the timer, it won’t work.
Create a Custom Event, give it a name, and use this name in the timer. Connect your custom function to the Set Parameter node.

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First of all, the create dynamic material you have to select the material from which you want the instance to be created, then, from the return value of the create dynamic material instance you have to drag the set vector parameter node

It’s not necessary. The node OP uses is used directly on the mesh, no need to create dynamic materials for it. It has its downsides, but for the purpose in question it’s totally fine.