1) Bilbo has a lot to teach us. He was a simple and happy hobbit, who was content to remain blissfully unaware of the world around him. It was only when he was dragged out into the open air by Gandalf, that he realized that was capable of so much more. Bilbo became brave, not over night, but little by little. One step at a time.
2) Thorin had a lot to live up to with his Grandfather and Father, in his own eyes of course. But still, it took a lot of courage to gather up a small group of dwarves, a hobbit, and a wizard and march on a mountain with a living Dragon inside. And even though he was consumed by greed, in the end, he overcame it and fought and died a hero.
3) Probably my favorite of all favorites. Frodo had the most difficult mission that anyone could ever receive. Taking the one ring to the pit of all evil and fire wouldn't be an easy job, even for Aragon. But to be a hobbit and do it? Thats takes a lot of guts. That being said, he couldn't have done it without Sam.