Keep number of colors low, no more than 3. It will save you money on future printing costs. Logo should look well when printed in black and white. Logo should not look too modern. It may look outdated in a year or two.
Circle is a metaphor of a globe, ellipse - of an orbit.
Think of what can metaphorically describe your business. Show a prospect logo to your friends and clients and ask them what they think. Avoid a disaster. If you have chosen the logo - be consistent. Make your identity your asset.