Server Error in Application - failed to map path

I created a project using Sitefinity Project manager and when trying to browse the website or trying to access the backend using Sitefinity Project Manager i am getting errors. I tried hosting in IIS also. But that is also not working for me.Please help me to resolve this issue.

Hi,

This particular error is not Sitefinity specific, please, make sure you have the required .net version installed:http://docs.sitefinity.com/system-requirements. In addition to this, when running on IIS, ensure that IIS is configured accordingly and all required features are enabled(You can run the powershell script for your IIS version to configure everything automatically):http://docs.sitefinity.com/configure-the-iis-to-host-sitefinity-projects.

In addition to the above, please, try setting the application pool identity to Network Service and grant full permission to the project folder.

Regards,
Atanas Valchev
Telerik