First, know your inspirations and try to find the sources of those inspirations. In literature, almost everything draws on older material (that applies especially to Shakespeare

). For example, as you mentioned the Hobbit: The beginning of this tale is almost, quite interestingly, the children's tales of Tolkien's youth pasted together. You could begin with the "Annotated Hobbit" by Douglas A. Anderson.
Second, learn to write and build a story. Can't really recommend a book on the subject, unfortunately, but there are TONS. Some people love to just start and just see where their story goes (and apparently, Tolkien did in the Hobbit). But in general, I value those stories that were planned in advance. Many TV and movie stories nowadays suffer from a great set-up mystery that obviously came first when the thing was written - but can never have a satisfying resolution.
Third, bring yourself and your own experiences in. Many modern authors put elements of themselves and their in their characters, exploit their immediate environment for ideas, pick their character's peculiarities from family members and acquaintances. The story might become more lively if you do so. If you're going for an otherworldly feel, the same thing applies, as you're normally rather sure where you want your world to deviate from ours, making the foundation in reality even more important.
Fourth, you seem to be a bit torn concerning the medium you want to work in. It's of course easier to write a book than to make a game, but if you'd like to cross the borders just a little in Roberta's direction, why not try a book on
game design? The one linked to, a fairly new one, is highly recommended by one of my favorite game makers...
Fifth, if you're twenty or younger, go for it. If you're older, maybe a little literary theory wouldn't hurt. In the last hundreds of years, a vast amount of fiction was written, and it takes a while for an overview (I have a degree in English/German literature... I know the drill

).