In Stephen King's novel "It," the entity is referred to as "It" to emphasize its nature as a shapeshifting creature that embodies fear and can take on various forms, including the clown Pennywise. The name "It" reflects its otherness and the idea that it is an incomprehensible force rather than a singular identity. Pennywise is just one of the many forms It adopts to prey on the fears of children in Derry, Maine. The use of "It" highlights the creature's ability to transcend specific identities and represent universal fears.

In Stephen King's novel "It," the Losers' Club defeats Pennywise (IT) by confronting it in the sewers beneath Derry, Maine. They realize that IT is not just a physical entity but also a manifestation of fear. By using a combination of their childhood courage, unity, and the power of belief, they weaken IT. They confront it in its true form, a spider-like creature, and ultimately defeat it by declaring that they are not afraid. Their bond and shared memories provide the strength needed to overcome IT, leading to its defeat and the restoration of their town.

"It," the horror film based on Stephen King's 1986 novel, is not based on a true story. The character Pennywise, a shape-shifting entity that often takes the form of a clown, is a fictional creation. However, King drew inspiration from various real-life fears and childhood experiences. The story explores themes of trauma, friendship, and the loss of innocence, set against the backdrop of a fictional town, Derry, Maine. While the events and characters are not real, they resonate with universal fears and emotions.

In Stephen King's "It," Pennywise the Clown is actually a shape-shifting entity that embodies the fears of its victims. Its true form is a cosmic creature known as "It," originating from a dimension called the Macroverse. This form is described as a giant, spider-like creature, but it often takes on the appearance of a clown to lure children. The character represents the embodiment of fear and terror, feeding on the fear it instills in its victims, particularly the children of Derry, Maine.