Engines are simple. Fuel, air, spark (or glow in this case) and compression. If you have all four, it should start, or pop at least. Nitro engines are even easier.
You obviously have compression, so no need to worry about that.
Go through and do this:
1) Check that the glow plug is heating. Shove it in the end of the starter and look. It should glow bright red, and a touch of smoke might come off it. If it doesn't do that, the plug or the starter is dead - charge\replace.
2) Set the needles to factory setup. the manual should tell you what this is.
3) Makes sure your fuel lines are definitely right. The one on the exhaust goes to the top of the tank, and the one on the carb goes to the bottom of the tank.
4) Check the engine temp by hand, if it feels cold to touch, warm it up a bit, as previously mentioned, till it feels pretty warm.
5) Check that there is fuel getting to the cylinder. While the plug is out, spin the engine up a few times, with your thumb over the carby. It should start spitting fuel out the top of the head. If it does that, take you thumb off the carb, and spin it a few more times, to clear it out a bit.
6) Providing the glow plug is heating, stick it back in, and try and start it. It should start, or fart at least. If it farts, lean off the low speed needle a quarter turn and try again. Failing that, lean off another quarter turn and try again. Dont lean it off any more than that.
7) By now it should of started. If it hasn't, write an unpleasant email to Kyosho, detailing the lack in quality of there products, then proceed by throwing the car through the front window, of the shop you bought it from.
8) If that doesn't get it started. Find the person who sold it to you, and get them to start it. They are obliged to help.
A tip for you:
Ignore step 7, and when ripping on the pull start, pull it out till you feel it lock in, then give it a rip. This will make sure the sprag bearing lasts a little longer.

Giving it a little bit of throttle will help the engine to breathe a little, and get some air in the mixture. Just make sure you dont rev it once its started, otherwise you'll defeat the purpose of breaking it in.