Reconfigure the backup path setting to a valid folder. You might need to create the folder.
To perform these procedures, you must be a member of the Administrators group, or you must have been delegated the appropriate authority.
To configure the backup path setting:
In the DHCP snap-in, right-click IPv4, and then click Properties.
Click Advanced, and then update the Database path entry to %SystemRoot%\System32\Dhcp.