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I just bought this Chinese elm bonsai starter today. Where do I start with it? Do I let it just grow before work on it? Or can I start shaping it now? Any advice is most welcome.

It is most probably a cutting, and not a bonsai for sure.

Learn to keep it healthy and 7-8 years time you can start to train it into bonsai. (If you let it grow in the natural ground)

Welcome!
Keep it alive and let it grow for a couple of years. Don't do anything besides watering now.

It will take a long time till it grows to something decently sized and you can work on it.

If you want to get to work now you should go and look for some nice material at a nursery. It doesn't have to say "bonsai" on it for you to be able to make it into bonsai.
Go into a nursery, check out the shrubs and small trees. Google the latin name with "bonsai" to quickly check if the species is suitable.

Growing bonsai takes a lot of time. With what you have you still can do some stuff.

You can work on getting a nice nebari (rootflare) and a pleasent trunk line. I have tried to put together a few basic articles on these steps. My site is certainly not complete yet, but have a look at the site below.