Make sure to set your keys to what you want if you are using an emulator.

Click the "B" button (or what it is set to) to skip the beginning dialogue with Cheerile

Walk out of the castle 'till you see the bridge. Make sure you aren't near the bottom-middle of the screen when walking onto the bridge because the collision is weird

Talk to the pony on the bridge, skipping her dialogue.

Walk to the very far left of the map, picking up the three items that look like the silhouettes in the top left corner. Also, they have dialogue associated with them, so skip-i-dee-do-da the dialogue as quick as possible.

Go back to the bridge, give the ribbons, skip the dialogue, and walk one loading screen to the left.

Talk to the new pony and go all the way to the beginning portion of the castle to pick up the objects.

Rush back to the town square/fountain and give the pony the flags.

Follow back the entrance of the castle, and when the minigame starts, pull up the pause menu, go the "Quit" and quit out of the minigame. When the prize/level up jewel something-er-other pops up, do not continually press "B", instead, scroll to the "no" option and get out of that screen.

Skip the ponies' dialogue after this and go to the beginning room of the castle.

Skip all of the dialogue and then quit the mini-game. (2x) (Decorating and spell casting)

Skip the rest of the dialogue and Voila! the first chapter is over!