Re: no power
What is the model number of that engine?
First thing to do is to check the compression. If it is identical and low on
both cylinders, suspect that the head gasket has blown slightly between the two cylinders.
If low on one cylinder, it may have blown the diaphram in the fuel pump. Check that diaphram by leaving the hoses connected but removing the screws that retain the pump to the powerhead. Now, put a nut on those two screws and tighten them so as to have the fuel pump assembly sealed. Pump the fuel primer bulb. If fuel can be seen leaking from the pressur/vacuum hole in the rear of the pump, the diaphram is shot, in which case, replace the fuel pump.
Check spark...... remove spark plugs. Depending on the year of that engine (you didn't say), the spark should jump either a 1/4" or 7/16" gap with a strong blue spark. Does it? What do you have?
If all of the above checks out okay, especially if that engine has been sitting for sometime, the carburetor is most likely fouled, in which case, remove, clean, and rebuild it.