Does the motor heat up? If no, the Tell Tale tube is blocked. (Shoot compressed air in with the motor running, or poke at it with a wire.)
with the boat in the water trim the motor up until you are just getting cooling water in lower unit...if it runs ok there you have water in the gas...
Jeff...ah, make that...Fred
That's a bit low but.... It runs, so...
Good. They are great little motors.