Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.
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The obstacles that prevent a new competitor from entering an industry and competing away its returns.
High returns are what attract entrants, so only a barrier stops the process. A licence, a network, a trusted brand or enormous capital qualifies; everything else is a delay.
The costs and obligations that keep a participant producing even when it is unprofitable — single-purpose assets, high fixed costs, workforce and contractual obligations, and lenders who prefer a running asset to a distressed sale.
Everybody studies barriers to entry. Barriers to exit decide how deep a downturn gets and how many years it lasts, because loss-making capacity keeps running while it covers its cash costs.