If you want the image of te size of the dot, and the dot is square (or you do need some black around it), then you can select Image - Crop
In other cases You can do Copy.
Then start a new image (that will have the size of the copied selection automaticly) and paste the selection.
You only need to take care of the background colour.
Then Select File Save for Web and choose GIF (best in this case) or JPG (better for photo's and images with many colours)