I'm particularly interested in the idea of alien lifeforms. Creatures not of this Earth, whether their intentions are cultural, scientific, or warmongering, are a possibility. The response to these beings could determine the fate of Humanity should they make contact or the other way around. To say though Humanity is not ready is a bit foolish in the sense that it implies we will be ready in the future. We won't. Simply put we don't have a track record that shows us making friends with new peoples of different cultures. That said if we were to react intelligently and instead of viewing the aliens as a threat, we should see them as a discovery, of which we should gain more understanding. As to that, it would be wise to have our brightest minds attempting first contact, going through the simple steps I consider to be the best way to go through the affair.
Step 1 - Establishing Ways of Communication
This is the foremost important issue to conquer, simply for the fact that without achieving it no progress can be made in understanding one another.
Step 2 - Understanding Cultural Standards
After gaining the ability to communicate, we should learn the etiquette of the aliens while teaching them our own, so as to bring discussions between us to a more comfortable position in speaking with each other.
Step 3 - Establish Agreements Between Us
Agreements between us and the extraterrestrials should ensure that a peace between us is ensured, while the trade of ideas, technology, and resources is regulated in a way that progress is made in the prosperity of both races, but not at a rate in which chaos occurs due to ignorance of the technology or cultural differences.
These three steps are key to a strong relationship between ourselves and the aliens.