Karate/kickboxing movie from late 80's/early 90's; can't remember title.

Hi all, I remember a very cheesey/bad karate movie from what I recall the late 80's early 90's - could be off a few years though. I can't remember the name of it but I remember it beeing so bad that I have to see it again. Actually, funny story, my family and I rented it from Blockbuster back in the early 90's and we returned it but Blockbuster made an inventory mistake and kept calling us insisting we hadn't returned it and wanted the tape back. We kept telling them we returned it - this went on for a good year! AFter a year or longer they called and left a message stating they found the tape and wanted to let us know! hahaha Anyway, on to the movie I'm trying to find:

About a young oriental guy (ill just call him young guy) who is I guess an up and coming in martial arts and this older gentleman wants to train him but the young guy wants to be left alone and they show a scene (which is trying to be comedic) of the old man teacher following around/stalking if you will the young guy on the streets trying to get him to train but he keeps avoiding him. Then the kid goes on by himself to fight opponents in the ring while the old man gets another student (a young American). Well, the young guy loses a few fights if I recall correctly and one of them is to a real big white american guy who is dressed like a genie (has blue pants with a yellow belt; no shirt, black hair, and I believe yellow boots with a tip) and the way he loses is the huge guy just holds his leg/foot out in front of him and the young guy can't get around it to strike and the big guy kicks him real hard in the chest and you see a red foot print of the huge guy on his chest! The young guy then runs in to the old guy's american student and is jumped by him and some of his friends on the street and the american student says something like "heck of a killer punch there, hey moto" after he socks him one. The american student of the old man was real arrogant and left the old man after he learned what he wanted from him. The young guy is then discouraged and then wants the old man to train him. Well, they show us another brilliant comedic scene of this time the student following the old man teacher around the streets trying to get the old man to train him and the old man avoids him. Eventually the old man trains the young guy and he goes on to win in the ring....oh and he also gets revenge on the arrogant american ex-student of the old man teacher in the street.

Sounds like a classic huh? I tried to explain it the best I could from what I remembered. Anyone know what this film is??? Thanks to all who read this.