Entities represent logical groupings of information the business is interested in for example almost all businesses are interested in order.  The order entity would be modeled at almost every company. Though likely very differently.

Model entities might use the UML class or stereotype diagram. If there is a information architecture group, they are likely to be responsible for knowledge or holding this set of diagrams. The idea is to modularize the business into views (the squares in the sample drawing). Then each of the views contain a number of entities which it belong. See example below.

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