Ubuntu in VM VirtualBox : No bootable medium

What is the cause of this error and how can i correct this!

I have installed ubuntu server seperately but i thought i referred it while setting up in VM VirtualBox, still i don’t get where i went wrong!!

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1)First download the ubuntu server from this link
2) Then search and select the downloaded file when asked to “select drive” after you hit start
It will automatically start running, follow on screen instructions to complete the setup

When you boot up for the first time with the custom settings while installations and configuration part, there will be a popup asking you to select bootable drive. Then browse to your installation media.
As here this process was skipped, I recommend you to delete this VM and start again (keep in mind my above stated point).