Okay, you want to find a $\delta$ such that $|f(x) - 1| < \epsilon$ whenever $0 < |x| < \delta$, where $f(x) = x^3 + 1$. Let's start by playing with the $\epsilon$ section. We have $$|x^3 + 1 - 1| < \epsilon$$
We want to manipulate this so it looks like the $\delta$ part. Fortunately, we're keen enough to notice that $1 - 1 = 0$, so we have $$|x^3| < \epsilon$$
In other words, we have $$|x^2||x| < \epsilon$$
That $|x^2|$ is what we have to worry about. Let's, for a second, arbitrarily decide that we want $|x| < 1$. If that's the case, we have $|x^2| < |x| < 1$. Since $|x^2| < 1$, then $|x||x^2| < |x|$. Now simply let $\delta = \min (1, \epsilon)$. Why? If $\epsilon < 1$, then we can also use that. The $1$ comes from the arbitrary decision to make sure $|x| < 1$, which is justified, because we're dealing with short distances.
So is this correct? Let's see:
Let $\delta = \min (1, \epsilon)$ (assume $\epsilon < 1$, and it'll still work out otherwise), then we have $$0 < |x| < \epsilon$$
But since $|x| < 1$ no matter what, then $|x^2| < 1$, and if this is the case, then $|x^2||x| < |x|$. So we have $$|x^2||x| = |x^3| = |x^3 + 1 - 1| = |f(x) - 1| < |x| < \epsilon$$
So $$|f(x) - 1| < \epsilon$$
Which is what we wanted to show.