How does an ERC work?

Could you please explain to me how an ERC functions? I'm quite curious about the mechanisms behind it. As I understand, ERC stands for Ethereum Request for Comment, doesn't it? And it's a way for developers to propose new standards or features for the Ethereum blockchain, right? But how does this process work in detail? Are there specific steps involved? And how does the community react to these proposals? I'm really fascinated by the idea of collective decision-making in this space, and I'd love to hear more about it.