I have always heard people call the first Star Wars movie "Lord of the Rings in space" for as long as I can remember. It is almost the same basic story, though in an extremely abridged form; the reluctant hero leaving home, mentored by an old wizard who is separated from him pre-maturely, leaving him alone and uncertain, finding himself way over his head, and saving the world from an object of great evil and certain doom, nearly failing at the last minute but succeeding thanks to an old friend saving the day.

Not sure, but I think George has talked about being inspired in part by LOTR before.