The first colony formed was the Virginia Colony which was founded in 1607 by the London Company during the reign of James I. Jamestown was the first permanent English settlement in the new world.
The London Company developed Jamestown because they saw an opportunity for wealth and they also wanted to convert local natives to Christianity. In 1624 Virginia became a Royal Colony because King James I revoked the charter of the bankrupt Virginia. This provided a great deal of wealth to England from the fertile land which produced tobacco.
The Massachusetts Colony was the second colony to be established in 1620. The Separatists or Puritans who had fled England in 1608 and headed for Holland then decided they wanted to create their homeland in America so they came over on the Mayflower.
Soon they created the Mayflower Compact which was an agreement that would allow them to form their own government who would accord in accordance to the wishes of the majority. This was an important historical movement for the Massachusetts Colony. William Bradford was actually elected 30 times as governor a pretty impressive record.