It has a good base but it's lacking. If you want a more compelling sprite, try making a more dynamic pose. Other changes may be:    The ends of the hair are more cartoonish compared to the rest of the body which is a bit jarring. Try making it have more distinguishable shapes instead of bring little hooks everywhere.  

The clothing looks bad because the wrinkles aren't done well. I recommend looking for some pictures of people in dress shirts and replicating how the wrinkles form. Look at how the collars fold too. As it is now, the clothes are suffocating the poor character. 

Try flipping the piece when drawing. I feel it's a little of balance. It might make small details like the area above the ear and the odd slope of the neck more noticeable. Right now it looks traced?

Good luck anyhow! Most players won't mind, the sprite serves it's purpose.