Biblically, prophecy is speaking for God, energized by His holy spirit. In the Old Testament, prophesying was basically confined to those with the God-given office of a prophet, upon whom God had placed His spirit. Men such as Nathan spoke for God to give people direction, correction and information about God's will for their lives. Since the Day of Pentecost, everyone who believes in Jesus Christ as Lord receives the gift of holy spirit, and with it the ability to prophesy.
Several times in 1 Corinthians 14, God encourages all Christians to speak for Him via prophecy to edify, exhort and comfort their brethren. The same specific, personal guidance from a loving heavenly Father is available today just as it has always been. This teaching gives the Scriptural basis for personal prophecy today, a way by which the power of God can deeply touch His people.
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All scripture quotations, unless otherwise indicated, are taken from the Holy Bible New International Version(R). NIV (R). (c) 1973, 1978, 1984 by International Bible Society. Used by permission of Zondervan. All rights reserved.