You need to pass more options to new Liferay.ColorPicker
. According to the guide you posted:
Options:
•context (Object): A DOM object which specifies the context in which to search for the item
•hasImage: (Boolean) If set to true, it uses the "item" param or whatever image has the .use-color-picker class as the image
•item: (Object|String): A DOM object or a jQuery Selector string that specifies which field to insert the selected value into
•onChange (Function): A function that will get called whenever the color changes
•onClose (Function): A function that will get called when the color picker is closed.