How to fix visual studio error "cannot find one or more components .Please re-install the application" in windows 8.1?

Same problem for me. My solution:
Open command prompt as administrator

cd C:\Program Files (x86)\Microsoft Visual Studio 12.0\Common7\IDE
devenv /resetuserdata

I had solved the same issue on VS2012 as following steps:

• Use regedit.exe

• Go to HKEY_CURRENT_USER\Software\Microsoft\VisualStudio

• Delete "11.0_Config" & "11.0 node" notice: 11.0 as your VS version

• Restart VS2012 VS env will be constructed initially.

Hope this help. BR

Problem is with security setting . After 2-3 hours of Googling i found many solution but none of them work then i tried these solutions .

There is one  folder in your machine:  "C:\ProgramData". 
Don't worry if you don't see this folder, unhide all the folders, you will find it there.
I did not had the rights on "C:\ProgramData\Microsoft\VisualStudio" .
See if you have full rights on the same.
If your are not able to open this folder, This means that you do not have rights on this.
to give rights follow the steps below :
1) Right click on the folder "VisualStudio."
2) Go to Properties->Security. See if your PC name is there in the user names list, 
if not , then add it.
3) Go to Advanced -> Owner -> Edit -> Other users or groups.  add your PC name,
i.e add yourself as the owner of the folder and give full rights.

Which is found here Application-data-folder-error . I was unable to change security of ProgramData files then i tried this solution .

1. On the root folder, right click, select properties, select security tab.
2. Click Advanced
3. The window that pops up should show the current owner. Click "Change." 
The "Select User or Group" pop up box appears. 
4. In the text box, type in your current user name (you should be an admin), and hit the 
"Check Names" button. Your name will be replaced with the "official" system 
 name (i.e.,preceded by computer name and back slash).
5. Click OK
6. The box disappears, sending you back to the Advanced Security Settings window.
7. A new tick box appears below owner, with the text "Replace owner on subcontainers and 
objects" Select this tick box.
8. I also selected the tick box "Replace all child object permission entries
with inheritable permission entries from this object", but I think I had to run this twice
- once with this box ticked and once without.
9. Make sure that "everyone" appears on the Permission entries window, if not,
click add. The same box that appears in step 4 shows up again. 
Type everyone, click "Check Names" and then "OK"
10. Hit apply

which is found here Permission error.

Finally it works cheers :) Hope it will help to some other .