If you buy a potted asiatic lily plant chances are that the grower has sprayed them with growth regulators to ease shipment, to provide a nice relationship between pot size and size of flower stem, and to avoid damage during handling.

Next year, the plant will resume it's normal size.

You do not need to remove the bud. Simply let it flower, and when the petals start to turn brown and fall off, you can deadhead the spent flower (after it has finished) so that the plant puts energy into recharging the bulb. You don't have to remove the bud before floewring.

When you water, water once really well so water drains from the bottom of the pot. Then do not water until the surface of the soil is slightly dry. Then water thoroughly again so water drains freely from the bottom, etc.

The fact that i dont know what type of lily i have because i've never seen it bloom once and it came in an assorted pack gives me that urge "i need to see the flower now".

How long does it usally take for the bud to develop and bloom?