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NTVDM is a virtual machine that Windows uses to run DOS programs.
Try experimenting with compatibility modes.
But most likely, this pre-Windows version of the game will not work under Windows.
New here? I'm Roha — want a quick tour?
You can adjust the AI strength for each opponent separately... for example, 1 strong and 2 weak... or, to start, disable 2 out of 3 AI opponents and play 1v1... then 1v2, and so on. The most challenging scenario, as I already described, is when all three "geniuses" are allied against you with no money or resources...
The trick is that in some maps, if you do this, all the Castles will go to one opponent. Also, it is not recommended to make opponents of different strength instead of all strong ones; this will lead to one of them dominating the others.
Heroes of Might and Magic I doesn't have online multiplayer.