Ethernet connection for iPhone and Lenovo laptop

Unless your Lenovo

• is connected to the Internet, over Ethernet,
• has the ability to act as a Wi-Fi access point, and
• is set up to route packets between Wi-Fi and Ethernet / the Internet
• so that the iPhone can connect to the PC via Wi-Fi

I don't see how you would expect this to work.

The following article might be of interest.

Lifewire – How to Turn Your PC Into a Router