Xcode - Could not launch app - No such file or directory Error

Xcode - Could not launch app - No such file or directory Error.

    It has been 4 months since I have been developing for Apple (iOS). As a user, I am in love with Apple. But as a developer, I feel Apple is a crap. I mean, It treats developers like a piece of crap. I hate tools that apple provide for developers. Often buggy. I loved Microsoft from a developers perspective. Okie, to the subject now. I found this really annoying problem with Xcode and fixed it. When you run a project on Xcode, you sometimes end up with a message like this:

 Could not launch app - No such file or directory

Thats really annoying. This error happens in a number of different situations. Sometime restarting the Xcode, fixes the problem. If not, follow these steps:

1. Disconnect your device. 
2. Delete the app from your device. 
3. Quit xcode (Don't just simply close the window, quit it) 
4. Delete derived data folder (~/Library/Developer/Xcode/DerivedData/-gbrvhlvwmpiobxdujegtghggrffp - or something like that) 
5. Now start Xcode, connect device and run the project. It should work fine.

There it is.