In the article "How Logos Work" I came across 5 important points that I didn't know before and now understand what being a graphic designer is all about.
1)  In most cases logos need to be simple in order for them to be memorable to the clients and the people, when you have more complex designs it is harder to remember the small details and they end up looking like something else as in a similar logo.
2) Graphic Design is also more about convincing the work force why your logo is better then another designers work, and why they would want to use yours.  Also if your trying to create a new and improved logo for a major company that has used the same logo for years why they should upgrade to your new idea and design.
3) Color is also a way to grab someones attention.  Black and white is simple and often used but if you create a simple memorable logo with color it is bound to be recognized and remembered if it is appealing to the human eye. 
4) Most people will consider your work and ideas if it is something they can not draw themselves.  This would show a confident designer, and allowing them to prove to the company why their idea might be successful within that company.
5) The cost of designing logos is usually in you and your design firms hands.  You are paying for the process leading to the final product so whatever amount you decide to put into your work shows how you value your own product, and how confident you are about it.