My iphone 4s is not connecting to shared wifi from my macbook pro. Macbook is connected to ethernet. Plz help

I am using iphone 4s iOS 7.1.2.
My Macbook is connected to internet through ethernet. OS is Mavericks.
I want to use internet sharing from my Macbook so that I can connect my iphone to internet through wifi.
My phone is not connecting or pairing up with my Macbook. Its showing the name of network but not getting connected. It shows its processing and processing is for ever (Small revolving circle).
Iphone is perfectly getting connected to other available wifi networks.
Kindly suggest what and where could be the problem and how can I resolve it.
Thanks.

Hello everyone,
This is the scenario for my problem,
----------ethernet--------------------|macbook pro|-----wifi-----   X  ----------|iphone 4s|
The problem is my iphone is not connecting to internet through wifi from Macbook pro, which is connected to internet through ethernet.
Iphone is able to connect to internet through other wifi networks but not to the one from my mac.
Kindly help !
I checked other posts and could not find the solution.

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