OBS Error | Failed to start recording

If you have newly installed OBS on your PC and face below annoying message whenever you start recording, then this video is for you
"Failed to start recording
Starting the output failed. Please check the log for details.
NOTE: If you are using the NVENC or AMD encoders, make sure your video drivers are up to date."

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Видео OBS Error | Failed to start recording канала Drawing with Code