That valve will have to be open so fuel can get to the engine.
The raw water cooling valve should be closed when cranking a no start engine.
A fully charged battery does not guarantee that you have spark. Have you confirmed that you have spark? Have you tried shooting starting fluid into the carburetor while cranking the engine? We will be able to help further if you could supply details. The first step is to figure out if the no start is due to a problem with fuel, spark or compression since all three are needed for the engine to start.
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