All the answers have focused on the specific example you provide, but the numerical techniques involved readily apply to other examples as well. If you desire to obtain $\sqrt 3 $ note that:
$\ 7^2 = 49 \approx 48 = 3 * 16 = 3 * 4 ^ 2$
thus
$\ 3 \approx 7^2 / 4 ^ 2 = (7/4) ^ 2$
and taking the square root of both sides we yields
$\sqrt 3 \approx 7 / 4 = 1.75 $
Similarly for $\sqrt 2 $ note that $\ 10 ^ 2 = 100 \approx 2 * 49 = 2 * 7 ^ 2 $ and so $\sqrt 2 \approx 10 / 7 = 1.4 $
After some practice you will be able to get approximations within 1% very quickly, often in your head.
When pencil and paper are available one can often quickly double the precision through a single iteration of Newton's Method. For example:
$ \sqrt 2 / 1.4 \approx 1.42857 $ and so a better approximation is $ \sqrt 2 \approx (1.4 + 1.42857)/2 = 1.414285 $.
Repeating again gives $ \sqrt 2 \approx 1.41421356 $, which is as accurate as many hand calculators.