I have an oval shaped hard lump on the right side of my back between my waist and hip with stabbing pain.?

Hard lump w/ pain. You do not mention size. It could be a cyst either epidermal or ganglion pressing on nerve or abscess or mass. Would follow up with dermatologist.
Need more history. Did this lump just appear.? Changes in size or shape? Time to see your doctor for evaluation and treatment .