Waiting for IP... timeout issue

Hello,
I’m trying to create an Ubuntu 22.04 VM and the process stops on
“Waiting for IP…” until it times out.
The only way to avoid this is by having some sort of DHCP ?
What about if I want a static IP on the server?
I setup an IP under the “user-data” file but it doesn’t seem to be using that during the process.

What are my options here if I don’t use DHCP ?

Thanks.