Welcome from Michigans' "tip of the mit". I teach quilting at a local quilt shop and have had many newbies. They're all afraid to cut the fabric and goof up. If you start with some solids (which are much less expensive that prints) and get a very basic pattern or book from a recommended teacher (I think Eleanor Burns is a great one), you shouldn't have any problem diving in and making that first quilt.
Start with a very basic pattern but make sure it's one that is pretty to you. It's fun to stitch something pretty... I've had times where I had to sew up a quilt with fabric picked out by someone else and I didn't enjoy it at all.
Buy a little extra fabric ... a little more than the pattern calls for. You might feel better knowing that if you make a mistake, you'll have that extra.
Don't make too large of a quilt for the first one. Maybe a lap quilt. It should be a quilt for YOU so that if you make a mistake or have points chopped off or if your corners don't match completely, you won't have to worry about what someone else thinks of your sewing.
Check out the many tutorials on the web that show tips. There are great tips for getting an accurate 1/4" seam to what needle size to use... what thread to use...etc. Also check out the local library. I found a great book on how to machine quilt (Harriet Hargrave) and lots of books of patterns. These won't cost you anything but can really be helpful.
And last of all HAVE FUN... it's a hobby not a job... it should be enjoyable. Don't take it too seriously. If you check out quilts in antique shops you'll see that quilters haven't always worried so much about perfection. I have AT LEAST one mistake in every quilt I've ever made and I think I've bled on each one too.... always sticking myself with a pin!
WELCOME!