Create your own wifi hotspot on Windows 7 or 8

All you need to do is run the following two commands in cmd - 

Open cmd with Run as Administrator.

1) netsh wlan set hostednetwork mode=allow ssid=wifiname key=wifipassword

2) netsh wlan start hostednetwork


Important - For this to work, your sharing should be on in networkproperties for the network/ethernet connection that you want to share through your wifi:

Go to Open Network and Sharing Centre ->Change Adapter Settings(On left panel)

Your wifi hotspot would be ready. :)

To stop the wifi hotspot - 
Write the following in command prompt : netsh wlan stop hostednetwork