Spark and fuel, that's all it needs.
Spark: a thorough wash with fresh water, then disassemble all the ignition bits you can get at (especially the high-tension side), dry as best you can, then spray with WD40 etc and reassemble.
Fuel: drain the carburettor and check that it's refilling with 100% fuel.
If the outboard was running when it went under, you might have more serious problems due to water being fairly incompressible

. But if this is the case it probably wouldn't even turn over now.