Cut a circle out of the felt and a rectangular with the same length as the circumference of the circle (you can mesure this or use the mathematic formula). The width of the rectangular will be the highth of your hat.
Cut out of the red fabric (I used satin)a bigger circle and rectangular to drape the felt with.
Don't worry about sew lines, they will be hidden under the ribbon. There is one side of the rectangular which won't be covered, so you can keep that in mind when sewing.
Sew the ends of the rectangular to each other. Then, sew the circle on top of it.
The base of the hat is ready now. Time for the ribbons! Sew them where you think it's pretty. I sewed a ribbon around the base of the hat and one over the sew lines of the circle.
Two final steps: first, cut a piece of ribbon which can go under your chin and over your whole hat. Make it a few centimers (or about an inch) longer so you can make a loop at the end. Sew it to your hat (cover the sew line where the ends of the rectangular meet).
Finally, sew the two buttons over the crossing of the ribbons on the side.