The test you did (putting fuel into the cylinders) proved several things:
1) You have sufficient compression 2) You have proper valve timing 3) You have a source of ignition 4) You have fuel 5) You have oxygen
Of course, it's running state was only temporary, so ask yourself:
--> Of these five things, what did you do that was only temporary?
The answer: 4) Fuel.
You have an engine that is fully willing to run, but is not able to get fuel.
There are several things that will prevent fuel from coming in. You can start at EITHER end... at the fuel tank, or at the intake manifold. Since most suggestions will start at the fuel tank, I'll be entirely odd, and start from the intake manifold:
A crack in the intake manifold, or a lack of seal at the manifold joints, will prevent engine vacuum from drawing fuel. While a starter-cranked circumstance might not be so picky (because it's spinning the engine over fast) a manifold leak in a hand-cranked engine will really, realy, REALLY reduce inlet demand, hence, poor fuel draw.
A carbeurator that has a vacuum leak, most often a worn out throttle plate shaft/bushing will cause same. Not much, but doesn't help... but if the throttle plate action or governor linkage is worn just enough to make the throttle plate stick SHUT... it won't pull fuel/air well at all. Don't roll your eyes at this one... it doesn't happen often, but it happens, and it's humiliating to go through everything else, and bang your head against the wall, only to have a friend point out... (don't ask me how I know)...
Carbeurators don't like to sit... with, or without fuel, they don't age nicely. Others' suggestions cover this well. Pull the bowl drain, make sure that the stuff coming out is fuel, and it's coming out swiftly, and clean.
Carb jets, emulsion tube, float, float valve, Fuel strainer on the carb inlet... wonderful spot for plaque to form. Fuel line, sediment bowl, and the inlet in bottom of fuel tank (check for stray beech-nut shell fragments on vacation there).
Finally... is the fuel actually combustible, and is the fuel tank vent unobstructed?
When you place liquid fuel in a container, it stays that way ONLY if it's PROPANE. Any other liquid fuel settles out, and moisture in the air finds it's way into the fuel.
Gasoline consists of different fractions... it is a mix of lighter and heavier hydrocarbons. The lighter fractions evaporate off, the heavier stays behind. Additives tend to bind to certain fractions, some (especially ethanol) are hygroscopic- they absorb moisture. All these things, sitting still, settle out by virtue of gravity, and form layers, where the heaviest fall to the bottom, and in most cases, that heaviest is WATER... so...
So if it's been sitting, the very FIRST thing I do, is put a 5-gallon can under the sediment bowl, drop the glass cup, and drain the whole tank...
All these things noted, there's one more thing:
If it starts, then stalls, like it's flooding, disconnect the air cleaner and try again. Most air-cleaners of these old gals are oil-bath type... there's an oil cup in the bottom, and it frequently accumulates crud and water. Crud makes it very restrictive, and water, on a below-freezing day, affects a wonderful airtight seal. (don't ask me how I know)... 
------------- Ten Amendments, Ten Commandments, and one Golden Rule solve most every problem. Citrus hand-cleaner with Pumice does the rest.
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