The purpose of inductive Bible study is to direct you to the content of Scripture so that you base your belief upon a prayerful understanding and legitimate interpretation of Scripture and, as a result, practice that body of belief which you have embraced.
If you will study inductively, the benefit will be beyond anything you ever hoped could happen in your own personal understanding of the Word of God. As a result of incorporating the principles of inductive Bible study, you will
1. OBSERVATION: What does the text SAY??
2. INTERPRETATION: What did the text MEAN to the original hearers or readers?
3. APPLICATION: What does the text MEAN to me, and how do I APPLY it in my own life?
These steps should always be done in this order!
Observation should be done first, followed by interpretation; both of these should lead us into an application of the Bible. Only then are we ready to share or proclaim these truths.
Begin with Prayer
Payer is often the missing element in the Bible study. You are about to learn the most effective method of Bible study there is.
Yet apart from the work of the Holy Spirit, that's all it will be- a method. It is the indwelling Holy Spirit who guides us into all truth, who takes the things of God and reveals them to us. Always ask God to teach you as you open the Scripture.