Please provide a model #. Your era of outboard is hard to determine what you have by just the year and HP. There were regular carb'd 2-strokes engines, the 4 strokes were re-badged Suzuki's, and others were DI FICHT RAM engines.
If yours is a carb 2-stroke then a check engine light on the System Check gauge means you have a fuel restriction. If this is a 4-stroke or DI 2-stroke you will require diag software to determine the problem.