yum groupinstall "Development Tools"

or

yum install gcc gcc-c++ kernel-devel

Do you have any specific problem with yum?
Normally you would do yum install make
Or, maybe, sudo yum install make

Wow :-), Ok, i write the standard Make reference here, you take your pick on the source.

wget http://ftp.gnu.org/pub/gnu/make/make-3.81.tar.bz2
tar xfj make-3.81.tar.bz2
./configure
make
sudo make install

And, while you are there, might want to reinstall yum too...

Good to hear you have fixed it.

To build GNU packages from source the dance is:

./configure --prefix=/usr/local  # Or your preferred place
make
make install

The configure script queries your environment for all sorts of relevant details (compiler version, usability of various language characteristics, various libraries, functions that might carry different names, ...) and creates some header files from the result reflecting the required configuration. It also builds the Makefile. Running make by itself will fail, until you run configure there is no Makefile, and so no install target.

Why do you want that specific version of make? That one is a quite stable package, the announcement doesn't show any revolutionary changes.

Cross-compile the toolchain on another system to your target architecture (whatever the VM is emulating) and then copy it over via FTP or SCP.