How do I set my ens name?

As a cryptocurrency enthusiast, I'm keen on exploring the latest innovations in the decentralized web. One such innovation that's piqued my interest is the ENS name system. Could you provide a step-by-step guide on how I can set up my own ENS name? I understand it involves interacting with a smart contract and potentially managing an Ethereum wallet, but a clear, concise explanation would be greatly appreciated. Additionally, I'd like to know if there are any specific requirements or considerations I should be aware of before proceeding with the process. Thank you for your assistance in navigating this exciting new territory.