i found a fix!!!
Right-Click it
goto properties
then compatibility
check Run this program in compatibility mode for:
click the drop box and choose "Windows 8"
and check Run in 640 x 480 screen resolution
click apply and OK.
Hope it helps!!

For the record, I have windows 8, 8.1 I believe I'm not really sure lol. (I'm a mac person, I just bought a nice gaming computer to play all my games on and still have a lot to re-learn about windows). But The Sims 1 works perfectly fine on my computer (after some tweaking with the screen resolution, etc). Each game I've installed has had issues at first, but mostly because of my resolution or graphics card (since lots of games don't recognize it). I haven't found a game yet that doesn't work on Windows 8 yet and I play a lot of old school games like Pharaoh, School Tycoon, Sims 1, as well as the newer games. Good luck!

So far the only issue I am having when running TS1 on 8.1 is that the game refuses to save for me and displays a save error dialogue box.

That's a pretty serious issue...

Try setting Sims 1 programs folder to read and write and include all folders and files inside.

Windows 8 has a nasty habit of not allowing anything new to go into folders in programs after the first install, this is also happens with My Doc folders to.

^ Done that, yet the minute I leave the properties box, it resets itself as read only. I look at some neighboring maxis games and that option is on by default yet I can save fine in those games. Time to reinstall and see if that helps.
Edit: The reinstall worked. It seems that if I run it from the main menu (launched by setup.exe) it works fine. If I run it from any of the shortcuts (the program file or the start menu), the game does not display my progress and hosts the save error. Windows 8 for ya I guess.