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Paul Rand was THE logo design go-to dude for decades. It's amazing that this guy designed such simple logos that have outlived so many changes in technology and fashion fads.

Check it out:
http://en.wikipedia.org/wiki/Paul_Rand

BUT, I think what works for ABC, IBM, and Enron (oops!) probably does not work for the little business guy's logo. ABC has gajillions of advertizing dollars, so a simple logo reminds people of all those flashy ads (I like to think about the towel-drop controversy myself). The little business guy's logo needs to tell MORE of the story about the business and have MORE personality because it's not something half the world sees a thousand times a day.

I'll sip my coffee and wait for some other opinions.
Shhh!! I'm busy reading