I have a portable wireless router which allows me to use unlimited internet almost anywhere. Normally I have it with me when I'm on the go and therefore use this internet for my iPhone (it's an iPhone 5c) What I would like to know is if there is any way to create a hotspot for sharing the same wireless internet connection that my iPhone uses?

The reason I'm asking you guys this question is because some of my friends or colleagues request a fast internet connection here and there and I really don't mind sharing the connection with them so they can watch a couple of videos or whatever but the thing is I don't want to give them the master password to my router. So I believe a temporarily hotspot would be a good solution since I easily can deactivate or delete it.

Please note I have tried to make a personal hotspot in the settings control panel but the option is greyed out.

I am looking forward to your replies

Many thanks in advance!