In this verse, "principal" renders the Hebrew word "Reshith", or first thing, or beginning element.
This word is the first word, and the first word mention in the Bible:
"1In the beginning God created the heaven and the earth." (Genesis 1: 1)
"Beginning" is also "Reshith".
Jesus was in the Beginning with His Father and the Holy Spirit:
"1In the beginning was the Word, and the Word was with God, and the Word was God." (John 1: 1)
Jesus is from everlasting to everlasting, with His Father:
"And he is the head of the body, the church: who is the beginning, the firstborn from the dead; that in all things he might have the preeminence." (Colossians 1: 18)
Jesus is our Wisdom:
"30But of him are ye in Christ Jesus, who of God is made unto us wisdom, and righteousness, and sanctification, and redemption:"" (1 Corinthians 1: 30)
Jesus our Wisdom was with God the Father from the Beginning:
"The LORD possessed me in the beginning of his way, before his works of old.
"I was set up from everlasting, from the beginning, or ever the earth was." (Proverbs 8: 22-23)
In the Beginning, Christ our Wisdom was making the world, and He had us in mind, and now we can have him in us.