I recently entered a short story contest run by Writer's Digest. The contest had the following rules:
"Write a story of 750 words or fewer based on the prompt below. You can be funny, poignant, witty, etc.; it is, after all, your story."
(Prompt: Begin your story with the following line of dialogue: "Heads, we get married; tails, we break up.")
Depending on font size, line spacing, dialogue, etc., 750 words is usually no more than 1-2 pages, so what I like to do is only give pieces of a fully formed plot and focus more on detail and alliteration. Here is my entry: