need advice on fixing laura M 56 engine

C R /
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I recently purchased a 1978 Batavus Regency. It's great except that it doesn't run. It does have spark, I'm not sure about the timing but the flywheel has two marks drilled into it; one lines up with TDC and the other comes a little before that. Fuel is getting to the carb and i have dipped it twice. The engine has compression although I'm not sure if it's high enough. When I try to start it nothing really happens except if I jump off and pull the plug right away a little bit of smoke comes out of the plug hole. Any advice would be greatly appreciated.

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