This project makes a nice gift for the seamstress in your life. It's reasonably quick, you should be able to make one in a couple evenings. The beaded base is done around a plastic bottle lid.
You will need:
a bottle lid- mine came from a juice bottle and was 1 1/2 inches in diameter and a half inch deep. My pattern is for that size lid.
a 4 inch piece of pretty fabric
sewing needle and sewing thread
Stuffing for the pincushion- You can use cotton balls, batting, old cut up clean socks, you just need enough to stuff it firmly.
beading needle and beading thread
Size 11/0 Delicas in 3 colors, I used red, green, and black to match my fabric
Size 15 Delicas- I used green because that was the last color of my peyote rounds. Use the right color for your project
hot glue or glue like E-6000 or Goop

If you are going to make yours into a bracelet like the example you will also need
a drill, I used my Friskars Craft Drill
A button
a piece of elastic long enough to fit your wrist plus a half inch for overlap

You'll need to start by getting all the parts ready. If you are doing a bracelet style pincushion, that means sewing the elastic into a circle, drilling the lid in the middle, then sewing the lid to the seam on the elastic band so it covers the join. I drilled one hole in the lid, then used the button to hold it securely in place.

Then cut a circle out of the fabric that's 3.75 inches in diameter, a little bigger or smaller is fine, it will just make the finished cushion a little bigger or smaller than my example. Do a running stitch around edge with a doubled strand of thread, leaving long tails.

Pattern in 100 ppi for the fabric circle is here.
Pull it up just a bit and stuff it as much as you can. The stuffing will compact when you pull it up tight to make it very firm. It may not close completely. That's fine.

Set the cushion aside.
I used hexagonal flat peyote worked in rounds for the bottom of my bottle cap, starting with 48 beads to make the hole in the middle.

Here's that pattern. The increases are marked with red dots.

Now you start working plain like you do an amulet bag in the round working up from the base. The following pattern is only a partial pattern showing one side of the base, work in pattern all the way around. the green lines go from the beads between the last set of increases and up from the lines in the base. The base is faded in the pattern.

After you've done a few rows, slide the beadwork around the lid. If you are doing a bracelet, pull the elastic into the hole and push the beadwork up to the lid. Continue working the pattern around the lid.
Notice how the final two rows on the pattern are smaller beads then the rest? Those are the 15/0s. They snug up the beadwork tight around the top of the lid. Go through that last row one more time and pull it tight.
It's really nicely fitted without having to do decreases.

When the beading is finished, put glue around the inner edge of the lid and the bottom of the lid and push in the cushion securely.
If you'd like to try out other tiny pincushions or want to do more with that peyote technique, I recommend these books.