Begin with a ring. You can use the adjustable ring pictured here or you can ch 5 and slip stitch to the first chain to make a ring.

Work your double crochets into the ring - shown here are dcs worked into the adjustable ring. Note how it stretches to accommodate all your stitches.

When you have the number of stitches you want, you just pull on the strand to close up your hole. In this case I used 12 dcs because that will give me the "bottom" size I want in this case.

Chain 2 or 3 to bring up to height, then work 2 dc in every stitch, including the first one, so you have twice as many as you started out with. In this case, that would be 24. This will be your only increase row for the small pouch.

If you want a larger round pouch, you can continue to increase in every other stitch. Keep in mind this will end up looking like a hat, so to estimate your size and look, picture a hat turned upside down

This photo shows how the pouch starts to bow.

As you work, you just push the center out and continue to work on the "right" or "outer" side. It doesn't matter if you do this now or later. Do whatever makes it easiest to continue working. Just remember to tie your bow on the right side, not the inside.

You will now put one stitch in every stitch and continue to work steady for the number of rows you need to give you the pouch height you want.

This shows the progress of the pouch

Same progress, different view

This is the completed main portion of the pouch. You can work as many rounds as you want. I chose to do 7 rounds for this part.

Now to complete your pouch, you might want to do a little fancier edging around the top. I did this one in a different color. You can use the same color if you prefer and just keep on.

There are a lot of different edgings that can be adapted for this purpose. I chose to do a (sc, ch 2, dc) in every other stitch for this one, changing to a contrasting color. See borders for more ideas.

Leave a longer than normal strand when you tie off your edging if you would like to have a hanging thread. If you prefer you can make a handle instead.

Since this is to be a drawstring pouch, you need a string to pull it closed. Remember to keep the spot where you joined your rows in the back so it is not as visible.

Cut a strand about 30" in length. 24" would probably do, but I like to have extra. You will trim it afterwards.

You may start at the first round after the edging, or you can go the round below that, depending on the look you want.

Begin weaving at the center left of the front of your pouch, going around every other post.

When you get back around to the front, you should find both strands meet with a post between them. The 30" strand should be easily pulled through if you need more on one side or the other. Just pull and straight, pull and straighten, until you have equal amounts on either side.

Tie the two strands just as you would to tie your shoestrings.

Then make a bow and trim the hanging strands to the length you prefer.

Don't forget to sew the strand you left hanging for a loop, if you did that. Make sure it is secure and won't come out with a big of tugging.

This photo shows the drawstring on the second round below the edging. I also drew the cord a little tighter.

Here's one worked in pink with no contrasting edging. I used an edging of (sc, ch 1, sc) in every other stitch. It gave it a more finished edge, but I think I prefer more of a ruffled or shell look personally.