Since the first draft is riddled with issues that need fixing, the writer should reserve it for his reading. The first draft of a story is something the writer does not share with friends, family, or a partner to read. It is up to the writer's discretion if he wishes to share it with a critique group to give him some tips or advice. In doing so, the writer may share a few chapters of his work in progress and should remind the critiquing group or individual that it is the first draft.

Assuming that you get positive feedback on your first draft, avoid cultivating the delusion that it is destined to become the Great American Novel. If such feedback helps to motivate you, then good for you. If you start to shop around for agents and publishers, take a step back. Finish and polish your manuscript first.

You are not alone in writing a terrible first draft. Somewhere out there, millions of writers are writing awful first drafts. You are in good company. However, do not compare yourself too much with other writers who struggle with their novels. If you start thinking that they are probably doing better in revising and rewriting, then that defeats the purpose of writing the first draft. A first draft intends to keep you working--working in the sense that you still operate with much freedom to shape your story to the best form that you can. You don't let the first draft control you. You're the one in control.

If you think about it, writing the first draft eliminates anxiety, since the writer puts down his initial ideas he has written from a working outline. Writing the second, third, or nth draft is where the writer begins to deal with the stumbling blocks. He might find a problem with a scene, a description, or a conflict that doesn't add up with the sum of the story, and this is fine. While the first draft may appear to look terrible, the critical writer will also find snippets of brilliant elements that he has incorporated, and he can work from there--it triggers him to have the urge to fix or eliminate what does not work. The Lao Tzu proverb that says, "A thousand miles journey begins with a single step," aptly transfers to your work: "The creation of an awesome novel begins with a first draft."

Your first draft has another purpose that you cannot ignore, and it is inarguably inspiring: It behooves you to move forward. After the first draft, common sense dictates that you fix it. You now have a blueprint, something to work with. You're an architect who has drafted a building design that you can change to suit your whims, to polish it to the best work you can present. Even if it doesn't get published traditionally, nowadays, you have the option to become an independent publisher and garner an audience. 

Finally, some writers claim that the first draft is the most comfortable stage in their writing process. The real challenge is in the rewriting, as it is akin to carving and polishing a rough gemstone to refine its look.