Anaconda 20.02 installed on a clean install of Windows 10 64 Bit.
Anaconda Powershell Prompt opened.
Updates Anaconda and gives Spyder 4.1.0.
If Spyder 4.1.0 is launched through Anaconda navigator Spyder 4.1.0 appears to work okay.
However if it is launched via the Spyder shortcut on the start menu the following error displays:

The error is:
Traceback (most recent call last):
File "C:\Users\pyip\Anaconda3\lib\site‑packages\spyder\plugins\ipythonconsole\plugin.py", line 1209, in create_kernel_manager_and_kernel_client
kernel_manager.start_kernel(stderr=stderr_handle, **kwargs)
File "C:\Users\pyip\Anaconda3\lib\site‑packages\jupyter_client\manager.py", line 267, in start_kernel
self.kernel = self._launch_kernel(kernel_cmd, env=env, **kw)
File "C:\Users\pyip\Anaconda3\lib\site‑packages\jupyter_client\manager.py", line 211, in _launch_kernel
return launch_kernel(kernel_cmd, **kw)
File "C:\Users\pyip\Anaconda3\lib\site‑packages\jupyter_client\launcher.py", line 135, in launch_kernel
proc = Popen(cmd, **kwargs)
File "C:\Users\pyip\Anaconda3\lib\subprocess.py", line 800, in __init__
restore_signals, start_new_session)
File "C:\Users\pyip\Anaconda3\lib\subprocess.py", line 1207, in _execute_child
startupinfo)
FileNotFoundError: [WinError 2] The system cannot find the file specified