He will convict the world of sin, and of righteousness, and of judgment

John 16:8
And when He has come, He will convict the world of sin, and of righteousness, and of judgment

The Holy Spirit convicts us of sin, He lives within us to tell us what is right and wrong in God's eyes. Before people receive the Holy Spirit, God has also built into man, a conscience knowing what God thinks is right and wrong. Having the Holy Spirit is much more because God Himself tells us and makes it clear His path. It is through the work of the Holy Spirit that makes it possible for us to renew our minds and renew our lives so that we live for the Glory of God.

Those who wait on the Lord

Isaiah 40:13
But those who wait on the Lord
Shall renew their strength;
They shall mount up with wings like eagles,
They shall run and not be weary,
They shall walk and not faint.

For one action above, which is to wait on the Lord, the benefits and blessings are many. We will have renewed strength, we will have power to rise above the situation, we will not be tired despite having to run around, and we will walk with calm and steadfastness and not fainting given the pressures.

So what does waiting involve. There is no hidden definition of this waiting. It is a matter of waiting for God, once we presented out situation to Him. We would have prayed to Him about our situation, and so waiting for His hand to move. So the wait also involve patience on our part and not try to do things to help ourselves.