How to Write a Story in One Minute

We have one minute to tell the story. How strict is this one minute? Is it like you get to one minute and there's a buzzer that says stop and the story has to stop? Or is it on the flip side, like the IELTS speaking exam, if you only get to 30 seconds, as an examiner, you have to like move your hands to say, give me more. Martin: "I don't know if I'll be able to do this"