Started a new business and filed the s corp election right after I incorporated the business. Do i have to wait until i get the approval for s corp status from the IRS before actually starting and running the business?

If you registered the business in "active" status with  your state as an LLC (single or multi-member LLC, it doesn't matter) you are considered to be "open for business" on the date you told the state it was "active". Unless there are some extenuating circumstances (and I can't think of any unless you're a convicted felon for violating tax laws in the past) it's fairly safe to assume your 2553 will be approved.

When did you send the IRS the 2553? I would fully expect you to have a response within 60 days; 90 at the most.

A couple of comments:

• Hopefully you sent the form certified mail return receipt requested.  This is inexpensive insurance as the taxpayer always has the burden of proof to support that the election was mailed.
• Take a look at the instructions for the 1120S page 2 under "Who Must File" https://www.irs.gov/pub/irs-pdf/i1120s.pdf 
• Some states require that the IRS acceptance letter be attached to the initial state return.  Check out your state requirements.
• I wouldn't file until you receive the IRS acceptance letter, or have proof of mailing as noted above in bullet number 1.

I faxed it over last week to this location.

Department of the Treasury
Internal Revenue Service
Ogden, UT  84201

fax #  [phone number removed]

Follow-up to my initial comments:

• I assume you have a "successful transmission" "receipt"
• I would still recommend you check your state filing requirements as noted previously
• Assume the fax number you removed agrees with the Form 2553 instructions on page 3 of the attached link https://www.irs.gov/pub/irs-pdf/i2553.pdf

Yes, I do have the successful transmission receipt. Thank you so much to all who responded. You guys have been helpful.