Why Am I Getting "an Error Ocurred While Starting The Kernel" In Spyder While Running Python?

I have installed Anaconda (python 3.7) in my Windows 8.1 system. However, while running my Python code from the Spyder console, I am getting the following error: An error occurred

Solution 1:

(Spyder maintainer here) To solve this problem please open the Anaconda Prompt and run there

conda update anaconda
conda install jupyter_client=5.3.4

Solution 2:

Simply running Spyder as Administrator solved the same issue for me.