Sorry.
I apologize if this comes across as rude, but you have a lot to improve on here.
I do kind of like the idea behind it, and I like how the sexopus is holding the character's cane. The piece is lacking in many aspects, however. First of all, it's immediately apparent that this piece is incredibly flat-looking; there's no shading whatsoever, no difference in line weight, nothing to indicate any level of depth or location whatsoever. The sexopus, for instance, does not appear to be behind the character so much as coming out of him, and the hat just looks like a sticker pasted over his head. Even if a piece is just a subject work like this and doesn't have a setting or background, shading and a light source should still be included if only so that the work doesn't appear too flat and static.
As well, your line quality is a little sloppy looking and, worse, you seem to have abused the paint bucket, as I can see by the thing white edges between the lineart and the colors within it. It's a tool that has its uses, but it looks lazy when it's used without care, as you've used it here. The best method to coloring is usually to make the lineart on one layer and to color underneath it, so that the color fills all the way without covering the lines.
Finally, the character's features seem to be sliding to the lower left corner of his face, and this could do with a background of some sort. Even if the point of a piece is just to display a subject, it can benefit it a great deal just to add something simple behind the character, maybe even just some simple design or shapes with colors that complement the subject.
The best advice I can give is to spend a little more time on your drawings. This doesn't look as though too much time was spent on it, and I would even go so far as to say it just looks unfinished. You should really add some extra steps to your process- sketches as a foundation and the addition of shades/highlights/details, for instance. I'm sorry that this review is almost entirely negative, but I hope it helps in some way.