You have a really nice composition here. I don't think there is anything to improve on the crop or framing. Your horizon is very level, and the subject on land going across diagonally forms a nice flow for the eye. The only thing I can suggest to improve this photo is to work on the colors. Though the colors are nice, they seem a little flat. You have such nice textures in the water, plants, teddy bear. Bring out that texture with some more contrast maybe or some adjustments to the shadows and highlights. If you have Photoshop, you can fine tune it with a curve adjustment. I wish the teddy was closer to the subject too.
Congrats on your first challenge entry. You did very well! Look forward to seeing more from you. Best of luck.
Does this scene comfort you, or does he look comfortable?
I like the composition with the diagonal going across the lower left third of the picture. We don't see that much. The splash of red from the sleeping bag and the ribbon on the bear are good, too.
Thanks for putting some humor in. (His feet look cold!)