Prebres,

To me, it sounds like your engine has flooded. Pull the plug, spin the engine over a few times to clear out any excess fuel
I would suggest a few steps to isolate where the problem comes from.

1. Pull the spark plug, make sure the gap is roughly the thickness of an Xacto #11 blade, then put the high voltage cap onto the plug (outside the engine.). Plug a 4-cell NiCd battery directly into the ignition (no switches etc) and flip the engine a few times. If you get a healthy spark, you know you're OK there.
Now to test fuel draw
2. Put the plug back into the engine and press the high voltage cap firmly onto the plug. Make sure the spring goes right over the hex area of the plug.
3. Set both needles to 1 3/4 turns out.
4. Choke on, 1/4 throttle, ignition on and flip a few times till the engine kicks. Keep an eye on the fuel line to see when the carburettor starts pumping. You will know when you have fuel in the carb because you will be able to smell it
5. Choke off, throttle a few clicks above idle and flip again.
If this doesn't do the trick, check the carb membranes