Connecting nouns with の
My book, a friend’s drawing, a Japanese textbook: English connects these ideas in different ways. Japanese uses の for all three.

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の connects two nouns. The first tells you something about the second. In 私 の 本, 私 tells you whose book it is: “my book.”
For ownership, think of Ken’s book: owner first, thing second. けんさん の 本 follows that same order. But の is more flexible than English ’s: 日本語 の 本 is a book about Japanese, not a book that Japanese owns.
The second noun is the main thing you are talking about. 友達 の 絵 is a drawing connected with a friend; 絵 の 友達 would make the friend the main noun instead. Reversing the nouns changes the relationship.
The nouns and the context tell you what relationship の expresses. It does not always mean ownership.
Who it belongs to
私 の 本
my book
Who made it
友達 の 絵
a drawing by a friend
What it is about
日本語 の 本
a book about Japanese
Examples
私 の 名前 は ゆき です。
My name is Yuki.
これ は 友達 の 絵 です。
This is a drawing by a friend.
ココ先生 は 日本語 の 先生 です。
Coco-sensei teaches Japanese.