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Are you sure it is flooded? If so, make sure the switch is turned off. Remove the spark plug wire from the spark plug and remove the spark plug. Look at the spark plug and check to see if it is wet. If so, does it smell like gasoline? If it does, attach the spark plug wire to the spark plug once again and just let it hang.
Again, make sure the run/stop switch is in the "off" or "stop" position. Now briskly pull the starter rope several times to blow the excess gasoline from the cylinder. If you have time to let it stand over night, place it inside somewhere where it will stay dry from moisture (like rain, dew, etc) and wait to replce the spark plug until morning. If you don't have the time to wait, blow the spark plug dry and replace it into the engine. Replace the spark plug wire to the spark plug, return the switch to "start" or "run". Do not choke the engine and try to start it.
If it does not start after several pulls remove the spark plug to see if it is damp again. If not, replace the spark plug and wire, choke it like you normally would. Hopefully it will now start. If you had the luxury of letting it set over night you should be able to start just like normal.
Now if by chance the spark plug was dry the first time you removed it, you may have a different problem.
this is going to sound a little backwards but hold throttle wide open and try to pull 2-3 times if all else fails pull plug pull a few times then reinstall and should be good although it did get ran dry there may be other issues like superior said id check to see if maybe some trash in carb blocking jets(plug will be dry) or maybe the float is stuck open all else fail ill give you 20.00 for it