It has been my experience with 1 and 2 cylinder Yanmars and Universals that the hand crank is just to give you something to do while you wait for the wind to come up.
Seriously I have never been able to get a cold engine to start with a crank. On my current 2GMF when I turn the key on some times it does not make contact so I try it again till it does and then the starter button will work. I am sure it is either a defective key swtich or wiring to the starter button as stated above. Some day I will check it out and fix it. Probably right after it lets me dwon when I really need it.