looks alright so far,
give us some insight as to the direction you want to take it, and we can gauge how well you are lining up with it.
When I look at the sprite, I feel the joints in the body aren't represented as well as they could be. The shading should help make the joints clearer, but at the moment it just makes the joints seem confusing, such as the shading near the armpits are doing and the shading near the ankles..
I'm wondering why he has no neck, if that is part of your style and what the reason for it is.
seems overall a good start though.