The first iteration of my Pony Bike was pretty basic, I made a stuffed plush horse head, and painted the bike silver. It worked, but was not quite what I wanted. I wanted a carousel horse bicycle that I could actually sit on. Thankfully, such things can be found lying on the street in East Oakland.
Weight needs to be kept down
Has to be able to be ridden over rough terrain and not fall apart
Have the ability to sit on the actual carousel horse seat and ride the bicycle that way
Easy to take apart for transportation
Add a cup holder, horn, and basket