Jesus is Lord
First, a confession that Jesus is Lord is a statement of allegiance. Satan is god of this age (2 Cor. 4:4), ruler of the kingdom of the air (Eph. 2:2). But when we confess with our mouth that he is not Lord, Jesus is Lord, we defect from the rule of darkness and claim citizenship in heaven—in a kingdom that we eagerly await here on earth. We henceforth make ourselves outcasts. Surrounded by devout patriots in an evil dominion, we have confessed publicly that Jesus is Lord. We have no inheritance, no place, no citizenship in this realm anymore.
So, who is the Lord for whom we have abandoned all comforts to follow? Ephesians 1:20-23 gives the clear description of how total and sovereign His rule really is. "Far above all rule and authority, power and dominion, and every title that can be given," Jesus is in fact sovereign over Satan himself.
What's more, He is Lord over us all men as well. As we read on in Ephesians 2, we see the effect of our former allegiance to the kingdom of this age, that we were by nature objects of wrath. We were dead in that transgression prior to defecting to the Lord. So, by what means did we defect to Jesus' reign? God "made us alive with Christ even when we were dead in transgressions—it is by grace you have been saved" (Ephesians 2:5).
It is in this truth that we realize the fallacy of the misinterpretation of this verse, that we are saved when we "make Jesus Lord in our Lives." We do nothing to make Jesus Lord. He is Lord. The earliest creed found in Romans 10 is a humble confession that He is Lord. He is the Lord so powerful that He saved us while we were unable to save ourselves, unable to defect.
But praise be to God. By grace He has called us, and in faith we respond confessing, "Jesus is Lord."