How to resolve error when upgrading SharePoint Standard 2010 to Enterprise - "An error occurred while enabling Enterprise features. Refer to the event logs on your server machines for more details. For more information on how to fix this error"

If you are trying to upgrade SharePoint Standard 2010 to Enterprise version via inputting the licence key in Central Admin and getting the following error:
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then follow the steps below to resolve this issue:

1) On the SharePoint Web Server, Launch Services (Go to Start > Search Programs and Files... and type "Services" and press Enter key)

2) On "Services" window scroll down to "SharePoint 2010 Timer" and check which account is running that services. It is probably one of your Farm Administrator account. If not then note down this account name and then Open up "Central Admin > Security > Manage the farm administrators group" and Add the above account to Farm administrators group

3) Now go back to the Services Window, Right Click on the "SharePoint 2010 Timer" service and select "Restart"

4) Open Central Admin > Upgrade and Migration > Enable Enterprise Features (e.g. http://<your central admin url>/_admin/SkuUpgrade.aspx). Enter a Valid license key and click on OK

5) Once SharePoint 2010 Enterprise version upgrade is completed successfully, Restart IIS (iisreset \noforce)

6) Enable Enterprise Features on your existing Sites (http://<your central admin url>/_admin/enablefeatures.aspx)

7) Remove the "SharePoint 2010 Timer" account from Farm administrators group if it was added just for the upgrade process