You cannot, should not, run Win95 directly on new hardware.
First, you will not find drivers for all the hardware like sound, network, or even a USB keyboard and mouse.
Second, it will be full of security issues.
Third, why when you run it inside a virtual machine under Windows 8? I use VirtualBox, and it can emulate older hardware that Win95 can recognize.
95/98 won't run on processors faster than 2.2 ghz due to NDIS problem. Also won't use more than 512m ram (though this won't stop it from running, it just ignores extra ram). Use free VirtualBox as per others advice. Cheers.
I just installed Win98 Second Edition on a 2.4GHz Celeron. WIN98/WIN95 have a problem with Disk Drives larger than 32GBytes, Microsoft has a patch available to fix FDISK to deal with it. Catch 22, the Windows SETUP CD does not have the patch and the computer turned off while copying files. I put a 2GByte drive in, installed WIN98se, ran the patches, and then it would come up with the 40GByte disk as a slave, and could partition and format a 120GByte disk. Tried installing 2GBytes, WINDOWS cold not see any of it and would not start. Real-Mode, Phar Lap extended DOS- saw it. I went back t 256MBytes, will add another 256MBytes. No drivers for the integrated VGA: I will probably disable the integrated VGA and use a TSENG 4000/W32.