Could you try like this:
HTML
<textarea onkeyup="changetext(this);" onselect="changetext(this);" onclick="changetext(this);" önfocus="changetext(this);" style="font-size: 12pt;<br mode=" hold=" /> width: 500px;" name="box1" rows="7">description here</textarea>
Javascript
function changetext(obj)
{
if(obj.value=='description here') this.value='';
}
also check the path of your external javascript file is correct or not(just drag n drop it from the solution explorer to the html page.)