Most trees that small have nothing BUT potential
You haven't stated what your goals are? Nor do I see what type of oak this is?? A lot will depend on the answers to those two questions.
Some examples from my collection:
This is a cork oak (suber) ~2.5 years from acorn. The picture doesn't do it much justice. It's budding, but the buds haven't burst yet this year...the leaves are all last season (cork oaks are evergreen) and are looking a little haggard. It just went into a pot a few months ago and I'll start working on filling it out this season. It's a nice size for a young looking tree and the leaves of cork oak are on the small side so the scale is not too out of whack. My goal is to keep this one this size...I have other cork oak still growing out for larger trees.
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This one is a type of scrub oak (gambeli). It's about 1.5 years from acorn. It grew like mad last summer! Really hoping it does that again! I'm trying to grow this one not as a "bonsai", but as a thicket as they tend to grow in nature. I'm after a dense thicket with a single trunk snaking up. Trunk thickness isn't a concern to me on this one.
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This is a shingle oak (imbricaria). I collected it from the wild this past fall after it went dormant. It's starting to bud out like crazy now. You can see that it is a significantly more mature looking oak

It's probably a dozen years old and naturally dwarfed by the location I collected it from: the rocky side of a bluff that gets hit by high winds pretty constantly. Shingle oak leaves are much larger than cork oak. Unless they reduce significantly, they will be way out of scale even on this tree. The leaves it still had on it at collection (the dead leaves hang on most of the winter) were 5" long.
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This one is southern live oak (virginiana). Most of my oaks are in this stage. It's ~2 years from acorn. It's just under 6' tall. The trunk is < 1/2" thick. I include it because most people don't realize the space a "sapling" will take up in a year or two if you let it...and you HAVE to let it if you ever want anything that doesn't look like a young oak!
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I have a few other oak species...but it's too dark to get pictures. Where you go with yours and how long it will take to get there depends very much on what species you have and what your end goal is. If you're after an aged oak look with a fat trunk...be prepared to care for a 12' tree

I just trunk chopped a chinquapin with a 2" trunk that was that tall. If you chop earlier and grow the tree more as a shrub to keep it a more manageable height, you can get to a thick trunk too, but it's going to take longer and you're going to have a large bush in the mean time

If you want a young looking tree that is shohin sized...you need an ammenable species to start with, but you can get there sooner.
Hopefully this gives you a little idea of what to expect on your journey...please keep us updated on your progress. I love oaks of all ages
EDIT:
I forgot that I had these pictures of my swamp oak (bicolor) that I picked up from a nursery recently and trunk chopped for another perspective.
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