Minecraft server hosting not working on MacOS Big Sur

I set up a Minecraft server on my Mac (macOS Big Sur 11.1) using Mojang’s provided server jar file (https://www.minecraft.net/en-us/download/server). It worked when I joined from the LAN with the IP localhost as well as the IP address the computer used to connect to the internet (I am connecting to the internet with iPhone USB hotspot as I cannot get WiFi where I live). However when other people tried to join they got this error message:

Failed to connect to the server

io.netty.channel.AbstractChannel$AnnotatedConnectException: Connection timed out: no further information:

This happened even when I disabled my firewall and allowed all incoming connections.

How do I solve this problem?