The story is being told from the "I" voice, a singular narrator, usually the protagonist, who tells the story from her/his perspective using I, or me. This point of view can be limited, and often does not allow readers to learn about the interior motives of the other characters. If the "I" voice is not credible, then the story suffers.

First person point of view is often used in autobiography ( a story about one's life) or memoir ( a story about a specific aspect or period of one's life).

Poignant examples of first person point of view are: Richard Wright's American Hunger and Audre Lorde's The Cancer Journals. More recently, Edwidge Danticat's memoir, Brother, I's Dying, is a moving tribute to her father and uncle.

The first point of view, the "I" voice, is a powerful place from which to tell one's story with candor, and speak one's truth.

First person point of view describes the perspective from which the story is told.  This implies that the narrator is a character within the story and is describing the events as they occur to him or her.  One of the identifying elements of first person point of view you will find is that the narration is often told as the experience of that one narrating character, therefore the word "I" will often be used during the narration. Be careful not to confuse this with any use of the word "I" in the dialogue! Dialogue is basically quoting any character, so any character could use "I".  The example below demonstrates how the narration could include "I" to show that it is told in first person point of view:

I looked around the room at the many objects that surrounded me, foreign yet familiar also. It was then I noticed the man standing in the room.                                                                                                                            "I am sorry if I frightened you," replied the stranger.

In the above example, even though the stranger uses the word "I", it is within a quote. Therefore, the other speaker is the narrator presenting first person point of view because the narration is from their perspective.