Any Artist should be prepared to spend 20+ hours on a painting before setting out on it imo. It's such a dynamic thing, before you know it a painting can take on a life of it's own, what started as a sketch becomes a fully rendered piece of art. so don't be embarrassed it shows dedication and immersion in the art!
You have a wonderful eye for composition here, the colour, the framing, right down to your choice of Chinese symbols shows a level of thought I don't often see in COTM Entries, I'd of loved to have seen more detail in the kittens fur and dragons scales, but maybe that's a personal preference.
Good luck in the competition! :D