Punch out several circles from the swatches. Arrange the dots on the wood canvas and take a pic using your cell phone (so you can remember your layout). Transfer the circles to a separate surface.
Paint the wood panel with the color of your choice. Let dry and give a second coat. Let dry completely.
Begin to apply the chips to the panel. You're going to apply a medium layer of Mod Podge to the wood, then smooth the chips into the Mod Podge. Brush away the excess. See notes for curling.
Continue applying Mod Podge to the wood and smooth down the chips. Using your fingers helps keep the circles down.
Cover the panel with the chips. As edges of the circles come up, smooth them down with your finger gently.
Once the entire panel is covered with paint chips, smooth anything that's coming up with your finger. Then apply wax paper over the top and roll out with a brayer. Keep doing this until the chips don't come up.
Add a layer of Mod Podge over the top of the paint chips for an even finish and let dry completely before hanging.