You should adjust the valves, do a compression test, make sure you have a nice blue spark at the plug and clean the carb. Sounds like a carb issue or a leaking intake. But to make any decisions when trouble shooting you must know 3 things. What is the compression, do you have fuel and do you have spark. Not knowing any one of the 3 will make it difficult to isolate the problem. You will have to make sure the valves are properly adjusted before doing a compression test.
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