The older 500 did have a carb. Will it rev if you very slowly give it throttle? If you have to choke it with your hand, I would start with a carburetor cleaning. After that, look for air leaks in the intake boot or mounting surfaces. Poor fuel flow can also cause this. This is assuming it ran fine before and nothing on the carb has been messed with. Good flow, clean and no air leaks, move on to ignition and clutch issues.