You will need fondant, a rolling pin, cornstarch or powdered sugar, a pizza cutter or fondant cutter, and a ruler or anything that will work to cut straight lines.
Lightly wet the very end of the fondant and gently fold and press the ends together, forming a loop. Place the loops on a cookie sheet. I like to lay my loops on their sides. This helps them dry faster and keeps their shape.
(Move them around about twice a day to keep them from sticking to the pan, you can line the pan with parchment paper to help with the sticking.)
Once the fondant is dry, place your circle down. I like to make my bow in a noodle strainer because it helps hold the bow in place and makes it easier to work with. You do not need to use a strainer to make it work.
Place about 7 loops around the circle. There are two ways you can attach the loops, either by using melted chocolate or candy melts (dyed the same color as the fondant) and using the melted candy as a "glue" to attach the loops to the circle. The second way is how I will show you in the next picture.