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Your instance name is way too long. You could try

limactl list

and see what may stick out. You could try the command mentioned in the log but add

--name default

something like

'/Applications/Rancher <http://Desktop.app/Contents/Resources/resources/darwin/lima/bin/limactl.ventura|Desktop.app/Contents/Resources/resources/darwin/lima/bin/limactl.ventura> start --tty=false --name default /Users/venkatasubbaiah.chow/Library/Application Support/rancher-desktop/lima/_config/0.yaml