Plenty of good info for you to digest. Let me add to that. This engine is pretty forgiving, but we need to have things at least close to the correct timings. We need Suck-Squeeze-Bang-Blow, fuel and spark do help.
This is my approach and other's mileage may vary but here goes.
Let's start with Squeeze. As you turn the flywheel by hand in the running direction (spark plug installed), on the compression stroke you should definitely feel the compression of the air and if there are little to no leaks, the piston should "spring" back against you if you let go of the flywheel. If there are leaks, they will show up here. As Brian mentioned, a little soapy water on the valve block (gasket issues), also listen for air leaking out the carb and/or out the exhaust (valves not sealing). As you compress the air, tap the intake valve and you should get a good little pop out through the carb. Since you will most likely have the valve block off at some point, check your compression by plugging the intake port on the engine frame with your finger, you should have good piston spring back. In either case, a SMALL, SLOW leak MAY not impede starting, but let's go for a negligible leak. Make sure you are adding a bit of oil (not the WD40) to the piston to help lube and seal things.
OK, Bang. Once you have the above compression good, turn the flywheel to TDC on compression and release the air by hitting the intake valve. Since we don't have spark going right now, no bang here, but as you now continue turning the flywheel the piston should draw in and the intake valve should give you that little burp people are talking about.
OK, Blow. Holding you finger over the exhaust pipe and continue turning the flywheel. As the piston goes back into the cylinder you should feel the air being pushed out by the piston and you should be able to feel that resistance in the flywheel. Watch and listen for leaks...
Now, Suck. As you continue turning the flywheel, you should get another intake burp (this time, the real intake stroke). And if you hold your finger over the carb intake, you should feel that suction.
Once you like things above, make sure you have spark at the correct time as Brian mentioned.
Add fuel, close the mixture needle, and make sure the throttle barrel is wide open. Then choke the carb with your finger and turn the flywheel by hand on the intake stoke and no fuel should be getting sucked up the fuel line. Repeat this and open the needle 1/4 turn at a time until you see fuel getting drawn up into the carb. Now add a couple of extra intake stroke "primes" to make sure there is fuel in the cylinder and we should be ready to add spark.
Set the throttle to ~ 1/4 open, connect your ignition and give it a little spin and it should fire. It may not keep running and you will probably have to adjust the mixture and throttle setting to keep it running.
Not directly related to this specific thread but, my opinion, experience and technique is that IF an engine is PRIMED properly before trying to run it, all it should take to get it to at least fire is a flip or two past compression. If I find myself cranking and cranking, something is wrong. Your mileage may vary...