This is only my story. Everyone has a path, and there's no right answer.
I had heard it was extremely difficult to have a piece accepted by a publisher, especially if the writer doesn't know anybody in publishing. Originally from Iowa, I didn't know anybody in New York.
In 2007 I wrote a novel (I'll call it novel A) during NaNoWriMo, and then I tucked it under my bed. In early 2008 I wrote a different novel (novel B). It joined novel A under my bed. In mid 2008 I began writing another novel (novel C) which got to about 30,000 words. Then I went to Killer Nashville www.killernashville.com and paid the extra money to have the first 10 pages of novel B critiqued. I also met some other writers.
The writer who critiqued the first 10 pages of novel B basically ripped it apart. I sat on my hands and listened to the critique with an open mind. I went to a pitch session with an agent and editor and pitched novel B to both of them (prior to the conference I thought it was polished). They both were nice, and the editor gave me some encouraging comments on how her house wouldn't buy my novel but that as a reader it sounded like the kind of story she would buy in a bookstore.
September of 2008 I completely rewrote novel B, and then I tucked it under my bed again.
NaNoWrimo in November of 2008 I wrote novel D. You guessed it. It joined novels A,B, and C. Then a writer friend suggested I start writing short stories. She told me about the success she'd had writing short stories.
In December of 2008 I wrote two short stories and submitted them to Ravenous Romance for the Experimental anthology and the Power Plays Anthologies. In January I wrote another short story that was accepted into the Ambrosia anthology.
In February I wrote novel E, and then I tucked that under my bed. I continued writing short stories and also wrote a novella in March. The short stories were accepted for publication by Ravenous Romance, and the novella went under my bed to join the novels. I hope the novels didn't bully the novella under there because he's all alone and much smaller than the novels.
I should also add that I've had a few of the short stories be rejected since January. I've revised a few and sent them out to other places for consideration. A few others I've not thought about since writing them.
One of the short stories that was rejected came back with some wonderful feedback. Now the story is itching in my head to be converted itno novels F and a sequel for novel G and a sequel to novel E, but I'm sitting on my hands and forcing myself to revise the novella and novel D. I'm trying not to rip every hair from my head as I revise because novel D and the novella were horribly written in the first draft.
I wrote an outline and submitted it to my publisher for novel H on an idea they'd like to see. I'm waiting back to hear if they like what I put in the outline.
I just did my first in-person event and gave away free stories at Nashville Pridefest 2009.
LOL. I know that I'm rambling. Also worthy of noting is that I have a B.A. in English and a B.A. in Spanish. In both courses of study I had to read a lot and analyze stuff like foreshadowing, metaphors, etc. My point is something I've read over and over again on agent blogs. Writing one novel and then submitting it for publication or for representation by an agent doesn't work very well. I haven't tried getting an agent yet, personally. I look back on what I wrote six months ago or two years ago and I can't believe the stuff came from my mind because there are so many things to learn as a writer. Plus, having more than one project at a time helps becoming too emotionally attached to a particular piece. I've got a long way to go in this journey, but creativity breeds more creativity.
Did I mention that a few months ago I had a computer virus and lost novels A,B,C, and a bunch of short stories? A few heart attacks later I paid a lot of money for the Geek Squad to get them back. Thumb drives and email are now my best friends.