Not while you're studying. CIC will almost certainly see this as working more than 20 hours per week and you'll have issues with your status in Canada and also problems getting a PGWP.
Once you have a PGWP and have finished school, you can look into opening a business. You will most likely need a Canadian (PR or citizen) partner.
I second that;"not while your studying". In general, watch out opening hookah bars in North America. You should watch Spike's "Bar Rescue" Episode on a person trying to open a hookah bar in a midwestern US city of 1/2 million. To make a long story short almost every North American only showed up at the hookah bar for, "special occasions". That meant a visit maybe once every 3 years. Only very, very large NA cities can generate adequate numbers of regular customers.