The rhnsd.service fails to start on boot on the RHEL7 KVM image?

Issue

On a clean boot of the rhel-guest-image-7 downloaded from directly from Red Hat's site, the following error is displayed:

Failed to start LSB: Starts the Spacewalk Daemon.
See 'systemctl status rhnsd.service' for details.

Upon further inspection after boot the following is seen:

# systemctl status rhnsd.service
rhnsd.service - LSB: Starts the Spacewalk Daemon
 Loaded: loaded (/etc/rc.d/init.d/rhnsd)
 Active: failed (Result: resources) since Tue 2014-08-26 14:14:29 EDT; 4min 1s ago
 Process: 740 ExecStart=/etc/rc.d/init.d/rhnsd start (code=exited, status=6)

Aug 26 14:14:29 localhost.localdomain systemd[1]: PID file /var/run/rhnsd.pid not readable (yet?) after start.
Aug 26 14:14:29 localhost.localdomain systemd[1]: Failed to start LSB: Starts the Spacewalk Daemon.
Aug 26 14:14:29 localhost.localdomain systemd[1]: Unit rhnsd.service entered failed state.
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