creates a circle that is oval  
then selects node 
click on the upper node and change the corner
create a copy of it and make it smaller
 

now we mark the big circle
and select circle array
select 6 copies 
and adjust the y axis

do the same with the smaller circle
use the same settings as for the large circle

place shapes on top of each other when creating
select both and choose align center

then select substract

copy the shape and overlay it with the copy
it is best to align it with the inner small circle

select both and copy them
repeat this again and again and you will have created the pattern very quickly

 

create the heart and change the size you want to have

create a rectangle to cut off your pattern
select both and click on substract

place both on top of each other
create an outline of the heart
with oultline and on 5mm

mark the inner heart line and the pattern and click on substract
 

customize the text that you like
I have created a separate text field for some words so that I can have the word in a different font and also vary the size

finally we put a small circle to create a hole to hang it up