1. Connec8 : Its a free tool to create hotspot in windows 8 and lower. Its small size i.e 2mb make it a very lite tool. It is portable, you did not need to install and uninstall it. But its user interface is not that good. But it is easy to operate it and most important it does not make your pc slow.
Just download this tool Connec8.
Run it and it will guide you itself. Just follow the instruction and your hotspot will be created easily.
2.VirtualRouterPlus: This tool also used to create hotspot in windows 8 and windows 7. Its a free open source software. Using Virtual Router Plus, users can wirelessly share any internet connection (Wifi, LAN, Cable Modem, Dial-up, Cellular, etc.) with any Wifi device (Laptop, Smart Phone, iPod Touch, iPhone, Android Phone, Zune, Netbook, wireless printer, etc.)
Download Virtual Router plus from virtualrouterplus
Its very easy to use Virtual Router plus. Install it and run.
Give Name and Password to your Hotspot and enjoy Internet on wi-fi devices.
3. Connectify : It is the best software to create hotspot in windows 8 and windows 7. With great user interface It is compatible with all the device and all versions of windows. Let you share internet and files over your wifi network. But its major feature are available for premium version only. But for sharing internet you can use its free trial version.
You can download its trial version from Connectify Link
Install it and Run and fill some basic detail like Hotspot Name and Password and your internet is on the air.
Using any of these 3 tools you can easily create hotspot in windows 8 and windows 7. But if you still have any problem in creating hotspot, you can discuss it in comments.