In 2017, compliance expert Shahannah Abdoolakhan set up her compliance advisory firm, Abler Consulting from scratch in Mauritius. Over the years, Abler Consulting has grown and evolved, maintaining a steadfast commitment to independence and innovation.
In the wake of International Women’s Day celebrations, our intrepid woman entrepreneur tells us what it takes to go down the path of starting your own business and taking it to new heights:
- What inspired you to become an entrepreneur? How would you describe your journey to date?
I spent a portion of my career assisting entrepreneurs, establishing businesses, and interacting with numerous High Net Worth Individuals (HNWIs). This exposure sparked a thought within me – why couldn’t I be an entrepreneur too? With that realisation, my entrepreneurial journey commenced.
This journey has been filled with challenges and obstacles, but each one has only made me stronger and more resilient. I’ve learned to navigate the complexities of the business world, to adapt to changing circumstances, and to always keep moving forward, no matter how tough the going gets.
But it’s not just about overcoming challenges. It’s also about the joy and fulfillment that comes from building something from scratch, from seeing your vision come to life. It’s about the thrill of innovation, the excitement of growth, and the satisfaction of making a positive impact.
Through it all, I’ve learned invaluable lessons about leadership, teamwork, and the importance of integrity and ethics in business. I’ve learned that success is not just about financial gain, but also about making a difference, contributing to society, and creating value for others.
So, while the journey has been a rollercoaster, it’s been an incredibly rewarding one. As I look to the future, I’m excited about the opportunities and possibilities that lie ahead because I know that with determination, passion, and a little bit of courage, there’s nothing that I can’t achieve.
In essence, my journey as an entrepreneur has been a testament to the power of belief, resilience, and hard work. And I wouldn’t have it any other way.
- Can you tell us about your company Abler Consulting?
I founded Abler Consulting upon returning to Mauritius after assisting in the establishment of a private bank and another company. Abler was born from a need I felt to full the gap in the market for a one-stop, independent AML/CFT compliance company.
In 2017, I took the leap and set up Abler Consulting from scratch. Initially, it was just me, wearing all the hats, handling everything from business development to client service. I was driven by the vision of creating a truly independent compliance company that could offer clients everything they needed under one roof.
Over the years, Abler Consulting has grown and evolved, maintaining a steadfast commitment to independence and innovation. Thanks to our dedicated team, each member of which fully assumes their roles, we’ve been able to stay at the forefront of the compliance industry, providing the support needed to accomplish more and deliver the best possible service to our clients.
In 2022, we expanded and became the Abler Group. Today, Abler is not just known, but also awarded and recognised as a leading compliance company. We’re proud of what we’ve achieved, and we’re excited about what the future holds as we continue to serve our clients and make a difference in the compliance industry.
- How do you see the opportunities and challenges in your sector? Are you active in other markets?
In the compliance sector, opportunities are abundant. Compliance is a constant need in the business world, and it’s not going anywhere. This presents a steady demand for our services.
However, staying ahead of the curve is crucial. The industry is constantly evolving. To remain competitive, I need to stay updated with the latest trends and regulations. This involves continuous learning and innovation.
The challenges in this sector are significant as well. One of the main challenges is the unfair pricing from competitors. This can create a pricing war that undermines the value of quality compliance services.
Another challenge is creating awareness about the importance of compliance. It’s not just about ticking boxes or opting for the cheapest options. Compliance is about ensuring that businesses operate ethically and within the bounds of the law. Unfortunately, there are still misconceptions about this, and part of our job is to educate businesses about the true value of compliance.
As for other markets, we are active in both Mauritius and the United Arab Emirates. We expanded to the UAE in 2022, which has allowed us to serve a broader range of clients and gain a deeper understanding of the compliance needs in different markets. Our presence in the UAE has not only diversified our client base but also enriched our expertise in the compliance sector. We’re excited about the opportunities this expansion brings and look forward to continuing our growth in both markets.
In summary, while the path is challenging, the opportunities are vast. With determination and a clear vision, I believe we can overcome these challenges and continue to grow.
- You were recently part of the Mauritian delegation of women entrepreneurs to the WTO-ITC High Level Event on Women in Trade in Abu Dhabi. What were your key takeaways from this event?
The event was a valuable learning and networking experience that reinforced the importance of women’s participation in trade and entrepreneurship. It was a reminder that, while challenges exist, so do opportunities, and with determination and support, women entrepreneurs can thrive. I look forward to applying these insights to my work at Abler and beyond.
- As we celebrate International Women’s Month, what would be your advice for aspiring women entrepreneurs?
As we celebrate International Women’s Month, my advice to aspiring women entrepreneurs is:
Follow Your Dreams: Don’t let anyone discourage you or belittle your ambitions. People may mock or underestimate you, but remember the only person who needs to believe in your dreams is you.
Embrace Challenges: Know that there will be obstacles and people who might take advantage of your business innocence. People might talk about you or laugh behind your back, but don’t let that deter you. Use it as motivation to prove them wrong.
Resilience is Key: There will be times when you fall or face setbacks. But remember, the most successful entrepreneurs are those who get back up, learn from their mistakes, and keep going.
Just Do It: Don’t wait for the perfect moment or the perfect plan. Start where you are, use what you have, and do what you can. The most important step is the first one.
Believe in Yourself: Self-belief is the cornerstone of success. Believe in your abilities, your ideas, and your potential. You are capable of more than you know.
Every great entrepreneur started with a dream and the courage to pursue it. Believe in yourself, embrace the journey, and never give up. Your path as an entrepreneur won’t always be easy, but it will be worth it. Happy International Women’s Month!
