Our daily blend of the latest news, trends and tips for the small business community.

What’s going ‘on’:

Lightsquared files for bankruptcy: The wireless networking firm filed for Chapter 11 bankruptcy protection on Monday after last-ditch negotiations concerning leadership of the company failed. Most recently, Lightsquared listed assets of $4.48 billion and debt of $2.29 billion, and Philip Falcone and his management team will reportedly stay in place.

Obama calls for less spending on travel, meetings: The White House has placed new restrictions on spending for federal travel and meetings in the wake of the GSA scandal last month. Each agency has been instructed to spend at least 30 percent less on travel expenses this fiscal year than in 2010.

Small business owners leaning toward Obama: A new survey shows that small business owners are throwing their support behind President Obama (32 percent) more so than Mitt Romney (24 percent). The Manta poll also showed that 34 percent of those who don’t plan to vote chose that option because they don’t like any of the candidates.

Keep an eye ‘on’:

Facebook IPO appears to go for launch: Facebook is set to close its books Tuesday, price its shares Thursday and start trading Friday, according to a new report from Reuters. The company hasn’t announced an official date yet, but it concluded its recent roadshow in time for the May 18 debut that most have expected since the paperwork was filed.

Helpful advice ‘on’:

How to abandon the predictive business mindset (OSB)

How to search for the right business mentor (Entrepreneur)

How to prepare your firm for mobile commerce (Mashable)

How to accept credit cards through your phone (NFIB)