The pull start seems to be free from the flywheel. I don't think its the flywheel key. Sheer pin of some sort?
It's not dropping down when you pull like it should , smack it on top with your hand a few times see if it gets unstuck , might have to take cover off n fix it. I had one I had to smack every time to start it , smack n start
OMG I was having FHC withdrawals on vacation, thanks guys, feeling better after seeing this thread (done ran too low on the b&s fun).