My Android emulator is running properly but it is showing this error every time I start the emulator.
Starting emulator for AVD AVD_for_Nexus_4 emul
The solution of Rohan will fix the problem as the error message will not be shown but the emulator will not use the hardware acceleration and thus be again very slow.
I recommend instead to install the Intel Hardware Accelerated Execution Manager as described here:
https://stackoverflow.com/a/10772162/891479