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This article aims at a new interpretation of paragraph § 1 of Fichte’s main work of 1794/95, the Grundlage der gesammten Wissenschaftslehre. This well-known text of the early Jena period explicitly introduces a number of thought motifs that will prove to be valuable for the later versions of the Wissenschaftslehre – including the second version of 1804 – and these motifs will furthermore illuminate the significance of the first principle for Fichte’s entire Wissenschaftslehre.