I like the shading on the belly... should be more of the same on the fez and possibly on the hair under the fez.  Still, for a first piece, it's pretty darn good.

cure, thank you so much for the edit and critique, much appreciated. I'm amazed at what you did in your edit, so much better now and super helpful for me to analyze.
 

Thanks again, this is very motivating :)

Here's an edit. General crits: colors are a little dead, more saturation (especially in the skintones) would add some life to the piece. There are a lot of places where AA would make things a lot smoother. Also be on the lookout for banding. You've got a lot of color that are barely being used (like the color used to outline yellow on the wristband, etc). I collapsed the palette a bit in my edit.

Nice work though, especially for your first piece. Reminds me a bit of Dumbo's portraits.