Check the easy parts first.
(1) Proper gas mixture ( or a possible pinched line).
(2) Dirty , cracked or wrong gap on suggested spark plug
(3) Check for spark by removing spark plug wire, then re -attach the wire, ground the plug against the metal part of the motor while pulling the starter rope. A strong spark should jump between the gapped part. It is easier seen out of strong light. If there is no spark, try a new plug as per original.
(4) Magnets on fly wheel rusted or dirty -NEVER use steel wool to clean it unless you make absolutely sure even ONE piece of the steel wool is absolutely removed. ONE sliver can short out the motor.
(5) Wipe any dirt from the bottom of the magneto.
(6) Check the fly wheel for wobble. If it isn't tight on the shaft, your small rectangular key holding the wheel in place is either bent or broken.
(7) While you're at it, you may as well take the fly wheel off, remove the round aluminum cover shielding the points and condenser. Check to see if the points are set right, and are clean.
If you've gotten this far, you may be better off replacing the points and condenser with a new set.
A new ignition set will run including the points condenser, and aluminum drift pin for the fly wheel will run you less than $15 at most parts stores.
I hope this helps.
L. Frehafer, November 2008