From the Navigation Settings, I tried to create a New Term Set based on an existing term set, which can be used for that site collection Navigation. I was getting an exception like “The Service Application is the default store location for column specific term sets”
To Resolution for this is as follows.
1. Go to Site Settings -> Navigation Settings.
2. Select the Managed Navigation and click the Create Term Set. This will create a local term group which will be the Pivot for the navigation for this site collection alone.
3. As soon as you click on the Create Term Set, we will be getting the below exception. “Failed to create term set: A default managed metadata service connection hasn’t been specified”
4. The reason for this is, as soon as we created the Managed Metadata Service Application, in the Proxy Properties, the “The Service Application is the default store location for column specific term sets” is not checked by default.
5. Now, we need to check that one and click on OK.
6. Now, come back to the Site Settings and try “Create TermSets”
7. Term Sets will be created as shown in the below figure.