It's usually fuel, too lean, but it can be a plug or weak spark. Try a new plug just to say you did, check the spark before putting it in.
The lines from the tank to the carb, have they been replaced? Common for the lines to deteriorate and break off inside the tank.
The carb could be gummed inside if it has been sitting. You might get lucky and get it to run by backing out the high adjustment screw. If it can be coaxed to run by partially choking, pretty good sign it's too lean. The metering diaphragm (the one over the needle valve) gets hard with age, it needs to be soft and pliable.
If the engine will start and stay running but not rev up, just makes a labored effort to keep running, check the spark screen inside the muffler.
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