Correct way to render fields from Entities? This very popular article explains correct way to render fields:
http://www.computerminds.co.uk/articles/rendering-drupal-7-fields-right-way

According to the article, the correct way to render fields is like this:

$node = node_load($nid);
$field = field_get_items('node', $node, 'field_name');
$output = field_view_value('node', $node, 'field_name', $field[$delta]);


But this is for rendering fields that are stored in a node. How would you use the code for fields in an entity?



 More info 

I am using Paragraphs module that lets you create custom bundles in the predefined "paragraph" entity. 

You can use entity.tpl.php to override the output of Paragraph module fields. 

I want to print my fields that are stored in the entity, but the above code won't work because it is for nodes.
The equivalent to the sample code you posted from the article, but for an entity type other than node would be:

$entities = entity_load('ENTITY_TYPE_NAME', array($YOUR_ENTITY_ID));
$entity = $entities[$YOUR_ENTITY_ID];
$field = field_get_items('ENTITY_TYPE_NAME', $entity, 'field_name');
$output = field_view_value('ENTITY_TYPE_NAME', $entity, 'field_name', $field[$delta]);


If you're doing this in a template, your entity's fields should have already been retrieved by the entity module's template_preprocess_entity() function and made available under the $content variable, so you shouldn't have to do all these steps in an overridden entity template.