I got the same error. You have to install tesseract from here:
https://code.google.com/p/tesseract-ocr/downloads/detail?name=tesseract-ocr-setup-3.02.02.exe&
Then you have to edit the pytesseract.py file.
In my case, this file is located in the folder:
C:\Users\USERNAME\AppData\Roaming\Python34\site-packages\pytesseract\pytesseract.py
Search the following lines (for me it's line 60):
# CHANGE THIS IF TESSERACT IS NOT IN YOUR PATH, OR IS NAMED DIFFERENTLY
tesseract_cmd = 'tesseract'
and change it to the location, where your pytesseract.exe is located, in my case the line looks like this:
# CHANGE THIS IF TESSERACT IS NOT IN YOUR PATH, OR IS NAMED DIFFERENTLY
tesseract_cmd = 'c:\\Program Files (x86)\\Tesseract-OCR\\tesseract'
Now your code should work.