The Umbilical cord hat from Debbie Stoller's book Stitch n Bitch was my first knitting project. I was pregnant with my daughter and my friend gave me a few lessons on how to cast on, knit stockinette stitch and how to knit in the round. She convinced me that I could knit a hat before my daughter's birth. I was skeptical.
The hardest lesson I learned during this project was that if I make a mistake, I should strongly consider ripping out my work to start again. At that time I didn't know how to un-knit or "tink" so I ripped out and restarted the hat many times. It was frustrating and I felt more anxious as my baby got bigger. However with small projects it could be well worth it to start over.
And yes, I finished the hat before my daughter was born. Here is a picture of her in the hat.