This same Greek word is used in verse 18 where we are told Jesus is "firstborn from the dead." If the word "firstborn" literally meant "created" then Jesus would be created from the dead in this passage. Even the Jehovah Witnesses do not believe that. As the Vine's Expository dictionary shows this means that Jesus is preeminent over all creation and he is also preeminent in the resurrection. The text tells us that this is "so that He Himself might come to have first place in everything."

2. Jesus is not just a god he is God and there is only one God.
In the next two verses we see that God became a man.
John 1:1 & 14 In the beginning was the Word, and the Word was with God, and the Word was God. & in verse 14 And the Word became flesh, and dwelt among us, and we beheld His glory, glory as of the only begotten from the Father, full of grace and truth.

Phil 2:5-8 Have this attitude in yourselves which was also in Christ Jesus, who, although He existed in the form of God, did not regard equality with God a thing to be grasped, but emptied Himself, taking the form of a bond-servant, and being made in the likeness of men. And being found in appearance as a man, He humbled Himself by becoming obedient to the point of death, even death on a cross.

          Jesus' enemies understood him claim to be God. John 10:30-33 "I and the Father are one." The Jews took up stones again to stone Him. Jesus answered them, "I showed you many good works from the Father; for which of them are you stoning Me?" The Jews answered Him, "For a good work we do not stone You, but for blasphemy; and because You, being a man, make Yourself out to be God."
           Here is Jesus' response in verse 36-39 do you say of Him, whom the Father sanctified and sent into the world, 'You are blaspheming,' because I said, 'I am the Son of God'? "If I do not do the works of My Father, do not believe Me; but if I do them, though you do not believe Me, believe the works, that you may know and understand that the Father is in Me, and I in the Father." Therefore they were seeking again to seize Him, and He eluded their grasp.
           So Jesus declared that he and the Father are one. The Jews understood this as a claim to be God. Jesus then calls himself the Son of God and then reaffirms his statement of "I and the father are one" So the question is did the Jews correctly understand what he meant. He called himself the Son of God, but did he also claim to be God? I believe the answer is yes he did claim to be God. This comes out clear in John 20:28-29

John 20:28-29  "Thomas answered and said to Him, "My Lord and my God!" Jesus said to him, "Because you have seen Me, have you believed? Blessed are they who did not see, and yet believed." 
           
          Thomas here called Jesus his Lord and God. Jesus being the teacher that he was should have rebuked or at least corrected Thomas. Certainly Jesus would not let this error or using the Lords name in vain, (as some have interpreted it) go by without some correction. Jesus' answer to Thomas shows that Thomas was correct to call him his God and Lord.