Cannot start Quest Essentials - not enough memory (4230167)

• Getting the following error message: "Unfortunately, there are 1 instances of the application running and there is not enough memory to start another. Please either wait until one of the current operations completes before beginning another or decrease the allocated memory of all instances".
• There is no one else using the tool on that server.
• Rebooted the server and still getting the same error.

1. Other processes on the same machine are taking memory and not enough is left for Essentials instance.

2. The exception is a bit misleading, as no other instance of essentials is actually running.

• Kill other processes on same machine and free up memory.