JSFiddle - React, Tailwind, and code Playground

HTML

<link rel="stylesheet" href="https://cdnjs.cloudflare.com/ajax/libs/twitter-bootstrap/3.3.7/css/bootstrap.min.css" />

<script src="https://cdnjs.cloudflare.com/ajax/libs/jquery/3.2.1/jquery.min.js"></script>
<script src="https://cdnjs.cloudflare.com/ajax/libs/twitter-bootstrap/3.3.7/js/bootstrap.min.js"></script>


<div class="modal fade" id="entity_request_modal" tabindex="-1" role="dialog" aria-labelledby="entity_request_modal" aria-hidden="true">
    <div class="modal-dialog">
        <div class="modal-content">
            <div class="modal-header">
                <button type="button" class="close" data-dismiss="modal" aria-hidden="true">&times;</button>
                <h4 class="modal-title" id="myModalLabel">Request to Add Business Entity</h4>
            </div>
            <div class="modal-body">
                <div class="form-group">
                    {% csrf_token %}

                    <label>Business Name</label>
                    <input id="entity_name" class="form-control" placeholder="Enter business name..." name="entity_name" value="">
                </div>
                <div class="form-group">
                    <label>Entity Type</label>
                    <select data-placeholder="Entity Type..." class="chosen-select" tabindex="-1" id="select_entity_type" name="select_entity_type">
                        <option value="0">Make a Selection</option>
                        <option value="3">Financial Institution</option>
                        <option value="14">College Institution</option>
                        <option value="13">Hospital or Clinic</option>
                        <option value="4">Internet Service Provider</option>
                        <option value="9">Cellular Provider</option>
                        <option value="10">Social Network</option>
                        <option value="7">Consumer Retailer</option>
                        <option value="8">Health Insurance Provider</option>
               ...

JavaScript

$('#entity_request_modal').on('hide.bs.modal', function (e) {
$('#entity_name').val('');
    $('#select_entity_type').prop('selectedIndex',9);
});