If we succeed, you will be given 1/14th share of the treasure.
What Happened? Where is everyone?
Gandalf and the dwarves visit Bilbo because they want him to take part in an epic journey to take back the dwarves stolen treasure. Bilbo is hesitant to go with as he thinks he is not cut out for this type of adventure.
After the group had come a far way and traveled across the Misty Mountains, they reached the forests of Mirkwood, where Gandalf had to leave them because personal business. This left Bilbo to look after himself and 12 dwarves as they traveled through the dangerous Mirkwood Forest. On the way through the mountains though, Bilbo found The Ring, a magical ring that makes the one who wears it disappear.
After saving the dwarves many times over with the power of the ring, Bilbo had changed. He was no longer a cowardly Hobbit, he had become more selfless and brave. Infact, after the Battle of the Five Armies, Gandalf took Bilbo back home with his share of the treasure. Bilbo had completely changed, he realized that he had saved the group many times over the course of their journey, and he then no longer feared much of what he used to.