ForumsTechnology Management

The "correct" process depends on what the item is -- there are different types of patents, and different application procedures for each. It sounds as though you are likely referring to a utility patent. If so, here's the link that outlines and explains the steps involved:
http://www.uspto.gov/web/offices/pac/util
ity/utility.htm#non

The "prudent" process depends on what the item is, as well, plus how and when you plan to profit from it. For example, if you developed a new technology product that you intended to bring to market yourself, you'd want to go about it differently than if you developed a new hand tool that you intended to pitch to Craftsman or Stanley or somebody.

If you can provide more information about what you have and what you're trying to do with it, it will be much easier for members with the relevant knowledge and experience to help.

Best wishes.