Here's how I would tackle this since your oil level is up to par.
First, make sure the choke is working and closed when starting the Gen. I had 2 of these gens and the choke would stick open. if that doesn't get it started go to the next test.
Second, spray a little bit of Starting fluid into throat of carb to see if it will at least fire once or twice. If it fires, you more than likely have a fuel delivery problem. If you have a fuel delivery problem, you need to clean the jets in the carb. That requires that you disassemble the jets (esp the VERY small Pilot jet), and MAKE SURE you can see thru it. I usually use the smallest guitar string (E string which can be purchased separately). If the guitar string doesn't pass thru it, buy a new Pilot jet and install it.
Third, if it didn't fire check for spark. There is a low cost spark tester tool you hook to the spark plug if you are unable to view the spark with the naked eye. You said you put in a new plug, but sometimes even new plugs can be bad.
Fourth, If you have spark it is now time to check compression. Again, you can buy a compression guage and connections for about $25. Find out what normal compression is suppose to be and compare your results. If your compression is low, you have either a stuck, bent or gunked up valve, or you need a set of rings. Any one of those is very labor intensive.
Good luck
Hank