  In 1994, Susskind and Uglum argued that it is possible to derive the
Bekenstein-Hawking entropy $A/4G_N$ from string theory. In this article we
explain the conceptual underpinnings of this argument, while elucidating its
relationship to induced gravity and ER=EPR. Following an off-shell calculation
by Tseytlin, we explicitly derive the classical closed string effective action
from sphere diagrams at leading order in $\alpha^{\prime}$. We then show how to
use this to obtain black hole entropy from the RG flow of the NLSM on conical
manifolds. (We also briefly discuss the more problematic ``open string
picture'' of Susskind and Uglum, in which strings end on the horizon.) We then
compare these off-shell results with the rival ``orbifold replica trick'' using
the on-shell $\mathbb{C}/Z_{N}$ background, which does not account for the
leading order Bekenstein-Hawking entropy -- unless perhaps tachyons are allowed
to condense on the orbifold. Possible connections to the ER=EPR conjecture are
explored. Finally, we discuss prospects for various extensions, including
prospects for deriving holographic entanglement entropy in the bulk of AdS.
