I have been to university twice, I did a BA in English Literature then an MBA a few years later.
The process at its simplest is as follows.
Research jobs
Apply for jobs
Deal with rejection
Interview occasionally
Deal with rejection
Land a job.
Stay or start over.
There is a lot happening at all those stages. You are asking these questions at the perfect time. I want to give advice, it is hard to talk about my experience without trying to fling my mistakes at you and shout, "Don't do this!!" or "Do this better than I did!!"
My perspectives at the two exits from uni
Undergraduate:
I was unprepared for the job hunt when I finished school. I prepared poorly, did not take advantage of tools available to me. My hunt was long, thought not as long as many, and difficult. I worked various jobs waiting tables, selling electronics, and finally Costco. I was not able to find anything better. My highest hourly income during this time was at Costco when I started at $11 per hour. (I made more at the restaurant in tips, but I was set on leaving that industry)
Graduate
I took advantage of everything I could schedule time for. Spoke with everyone. Started a social group that meet weekly. Members now work for the government, foreign service, big 4 accounting firms, in industries like medicine, business, entrepreneurs, actuarial, science, marketing, import / export, etc. I started my job hunt my first year, got my job in my last semester 3 years later, and had the fortune to be able to turn down 2 other offers that were not great fits for me.
The job market for new grads is garish right now. I have seen articles stating that unemployment among the 18-24 crowd is as high as 50% in some areas, I have no idea what the actual numbers are. Companies are hiring lean right now, and lack of experience will be something that you will have to overcome. That you are asking now will set you up better for your job search. Job hunting is a serious task at this point, as in not just a somber one, but an incredibly involved one.
I was unemployed for a brief time. My perspective on that is probably the same as everyone who has ever been unemployed. DO NOT LET THIS HAPPEN IF POSSIBLE. Unemployment takes a freaking huge toll on you mentally, physically, and spiritually. It saps your energy, injects depression into your soul, and crushes you. Plus, unemployment gaps make you less attractive to employers. It's like the how single people seem less desirable than their non-single alternatives.
I wish you the best of luck.
I do not think I have anything else to add that isn't advice. I am not entirely sure I did not insert advice to all the stuff above this on accident. I did try to provide perspective not advice, and hope that the stuff you can do better than I did are obvious.
If you have any other questions, feel free to ask.