For academic papers or otherwise, it is never the first draft that gets published in the end. Starts with an idea, initial explanation of it and the corresponding line of thought… Seeing first on paper, in words, then thinking further, revising and revising.

I have a paper with three other colleagues that has been through peer-review without success (i.e. rejected, after major revisions in some cases). Since we believe the paper and the idea has merit, we work on the criticisms we receive and crystallize it further. Even then, it is quite possible to notice some issues with the presentation, getting incredulous at what we put on paper and sent through for review.

Conclusion, be prepared. The first round will never be the last. There will be second, third, maybe fourth or more rounds before you conclude it is of publishable quality and submit to a journal; and there will be further modifications to improve as it is subject to rigorous peer review.