From an elevated command prompt on your connected laptop (Windows 7 or 8) issue the following commands:
netsh wlan set hostednetwork mode=allow ssid=MyHotSpot key=MyPassword
You then have to share the new connection you have set up in Control Panel Network and sharing center, change adapter settings, Local area network (shared), properties, Allow other users to connect through... and check the box.
netsh wlan start hostednetwork
You will now find that your laptop can be connected using the SSID MyHotSpot, with the password you choose.
You can stop the connection in the same way as the last command, replacing "start" with "stop"