Draw 5 circles in a descending order of size on a colored sheet of paper from any magazine/newspaper/brochure etc.
Stack different colored papers behind the first sheet and cut out your circles :))
You will get something like this. I cut of way too many circles :p you don't need to do that.
Find sheets with printed designs which would look good for the wings of your dragonfly. I found these in some old university brochure :))
Cut out the wings. :))
Try arranging the whole thing before sticking it. When you're satisfied with your creation go ahead and glue it :)
Feel free to improvise and add smaller details like flowers or those small dots on the side. I made them using a pink paper and a perforator ;).