Note: Here is an easy way of going about it: Let $S(n)$ denote the proposition that
$$
S(n) : 4^n > n^3
$$
for all $n\geq 1$. We have that $S(1)$ is true because $4^1=4>1=1^3$. Also, we have that $S(2)$ is true because $4^2=16>8=2^3$ (these are the base cases). Thus, let's prove $S(n)$ to be true for all $n\geq 2$ (the reason for this will become clear in a moment).
Inductive step: Fix some $k\geq 2$ and assume that
$$
S(k) : 4^k > k^3
$$
holds. To be shown is that
$$
S(k+1) : 4^{k+1} > (k+1)^3
$$
follows. Starting with the left-hand side of $S(k+1)$,
\begin{align}
4^{k+1} &= 4\cdot 4^k\tag{by definition}\\[0.5em]
&> 4\cdot k^3\tag{by $S(k)$}\\[0.5em]
&> (k+1)^3,\tag{since $k\geq 2$; see $(\dagger)$ for reason}
\end{align}
we end up at the right-hand side of $S(k+1)$. This concludes the inductive step.
By mathematical induction, we see that $S(n)$ holds for all $n\geq 2$. Also, since the base case held for $n=1$, we know that $S(n)$ holds for all $n\geq 1$.
$(\dagger)$: Note that
$$
(k+1)^3 = k^3+3k^2+3k+1,
$$
and
$$
4k^3 > k^3+3k^2+3k+1 \Longleftrightarrow 3k^3-3k^2-3k>1 \Longleftrightarrow \underbrace{3k(k^2-k-1)>1}_{\text{true if $k\;\geq\;2$}}.
$$
Does it make sense now?