Cut the felt into 14 1-1/2" circles and one 2" circle. You can use the template provided.
Roll a small circle of felt into a small cone and secure with hot glue. Be VERY sparing with the glue so it doesn't make a mess. I didn't even squeeze the trigger of my glue gun, and just used the small amount that was dripping out of the front.
Glue the remaining circles (minus the 2" circle) into cones. Alternate gluing left over right and right over left to make a pattern.
Glue the cones into seven pairs to form the poinsettia petals.
Glue the pairs together to make a big ring.
Turn the poinsettia over and glue the large circle on the back, sandwiching the ribbon in between for hanging.
Sew a button in the middle of the flower with a piece of embroidery floss or thread. You can also hot glue the button.