First virtual machine
CPU, memory, disk, and a boot ISO.
Create a VM, pick a guest OS type so the default hardware is sane, attach an ISO, and connect the NIC to the VM Network port group. Thin disks save space in a lab; thick disks waste less time on first-write in some storage setups.
Install VMware Tools (or open-vm-tools in a Linux guest) before you call the VM done. You want clean shutdowns, a usable mouse, and memory ballooning when the host gets busy.