What's a better definition of a value hand?

So the definition of your worst bluff is when your hand you are betting has zero chance of winning at showdown but break even or +ev from folds.

Let's say your trying to define your very first value hand. What would be a more accurate definition:

1. A hand capable of being called by at least 1 combo of worse hand plus getting value from other hands which fold.

or

2. A hand which will win at showdown above 50% of the time when called (plus some extra ev when villain folds)