Hotspot Control is a little app for Android Phone running ICS or above (Android 4.0.3 and up) that lets you enable Portable Hotspot functionality that is usually hidden on some Android devices. It’s quite simple to setup and no root access is required for normal uses. Install the app from Play Store, just enable Wi-Fi option, input a name and password (for security purposes), and then enable the access point.

However, note that Hotspot Control is designed for establishing local connections only and not with the internet (though that also works on several devices). If you’re interested, you’ll get more details, suggestions, discussion, etc. at this XDA Developers forum thread. Hotspot Control can be downloaded from Play Store for Free.