Legally speaking you are not allowed to be involved in any kind of employment or business being in an F1 status. But there are people who have done it anyway and the county dosent ask to prove your legal presense when you apply for your Tax ID and register you business. The only thing you can do is (legally) to generate income would be hit the stock market if you are in F1 Visa.

              Resolution: Apply for a work permit, may be a economic hardship and there you would have the authorization to do any kind of work. Dosent even matter if you make millions and be the next thing that boomed the market like IPOD.

Best Wishes,

YekloYatri