No, you should not cancel a booking. There are penalties for this: https://www.airbnb.com/help/article/990/i-m-a-host--what-penalties-apply-if-i-need-to-cancel-a-reser...
Since you are new and really need to get up to speed, you need to snooze your listing until you understand Airbnb better: https://www.airbnb.com/help/article/476/how-do-i-snooze-or-deactivate-my-listing
Then:
1. Complete the tutorials here: https://www.airbnb-toolkits.com/my_toolkits
2. Read all the big topics here: https://www.airbnb.com/help
| How does Airbnb handle security deposits? How do I cancel my reservation? I Still Need Help |
3. Join the Community Forums and read as much as you can, specifically regarding bookings, cancellations, and getting paid: https://community.airbnb.com/t5/New-Hosts/What-tips-would-you-give-to-a-new-host/m-p/215615/highligh...
4. Bookmark this: https://community.airbnb.com/t5/Community-Help/Contact-Airbnb-A-Community-Help-Guide/m-p/16165#M2339...
5. Then take a mental inventory of your own personality and determine if you actually can handle people in your space, touching and ruining your things without being sorry (because it will happen) and how you will resolve conflict as it arises in your dealings with guests.
Do the above before you unsnooze your listing.
Then get ready for fun, exciting and amazing people to enter your life and touch you in ways that would never have been possible had you not chosen to open your heart, head and home to the possibility of new encounters.
You've come to the forums a few times over the last couple of days with some really basic questions. Make sure you are using the Help Center to get answers quickly and independently of the other hosts here in the forums.
Good luck.