This error can occur if you configured a shortcut to run with certain features and these features are not available. This can be because you are trying to check out a feature you do not own, or in the case of a floating license, someone else has the feature checked out.
If you select Change your feature configuration and click the Continue button, the AWR License Configuration dialog box displays with a list of the current features available for your license.
If this continues even after selecting the available features, most likely you are using an older version of the flexlm files. Download the latest FlexLM utilities and follow the instruction on updating those.