What is the biggest risk in star anise farming for a new grower?

For a new grower the biggest risks are three. First, planting material identity, because some related Illicium species are toxic and not true star anise, so wrong or mislabelled plants are dangerous and worthless, get genuine Illicium verum verified by a research institute. Second, the very long wait, since the tree takes many years to bear, tying up land and money before any return. Third, the thin market, because India mostly imports star anise and there are few organised local buyers, so you could grow it and struggle to sell. On top of that, the limited proven agronomy in India means you are partly experimenting. The safe approach is a small trial with verified planting material and a research link, never a large planting on borrowed money expecting quick returns.