If you were issued a CSCC iPhone 7 to use as a hotspot, first set up the phone following Verizon's iPhone Setup Instructions Also note: The CSCC iPhone 7's have Unlimited Data through Verizon but the connection speed slows down after 2.5 GB per month.
A Personal Hotspot lets you share the cellular data connection of your iPhone to access the internet when you don't have access to a Wi-Fi network.