If $\left( r + \frac{1}{r} \right)^2 = 3,$ then find $r^3 + \frac{1}{r^3}.$
Expanding, we get $r^2 + 2 + \frac{1}{r^2} = 3,$ so
\[r^2 - 1 + \frac{1}{r^2} = 0.\]Then
\[r^3 + \frac{1}{r^3} = \left( r + \frac{1}{r} \right) \left( r^2 - 1 + \frac{1}{r^2} \right) = \boxed{0}.\]