I have a small store in Yahoo, but would like to become an official small business owner. This way, I can register to receive credit card payments online and have the company officially registered. For this, I need to have business owner information and a business social security number. I have no idea where to start all of this!

Also, which state should I try to register my business in since it is online?? Any advice?

What kind of small business owner are you?
What do you specialize in?
What do you have to do on a typical day?
How is your job related to the law?
What are the educational requirements to become a small business owner?
Why did you become a small business owner?
How long have you been one?
What do you enjoy about being a small business owner?
What's challenging about it?
What advice would you give to someone who wanted to run their own small business?

I heard that there are number of downsides being small business owner. Besides having to work long hrs and be constantly worried about your business and the competitors nearby, there is a high risk of going bankrupt. I was told that 80% of small businesses go bankrupt within its first 2 years. Sure, you make a lot of money if your firm becomes successful, but it seems there are many hurdles before reaching that state.
Knowing that, is it worth the risk starting your own small business for people with not much entreprenurial experience? What are the characteristics of people who own successful small business?

I am a small business owner and have been developing my company for the past year. Because I left my previous job to start this business I do not have a current income and because my company only recently officially "opened for business" we do not have a profit line. Do I need to file? What about the business expenses that I incur?