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Ford's CEO asks himself 3 questions before pursuing a new project

Fields has already overseen a major push into Silicon Valley, where Ford has established an innovation center to foster relationships with more than 40 tech startups.

It comes down to a few basic questions, says Mark Fields, President and CEO of Ford (pictured).

During a recent visit to Business Insider, we asked him if he was considering having Ford partner with ride-sharing services like Uber and Lyft when these self-driving vehicles are in use.

He wouldn't give a definitive answer at this time, but said the company's automated driving plans, like any other proposed Ford initiative, would be subject to three questions:

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In what part of the market does Ford want to operate?

"You've got to be brutally honest" about what need Ford can meet with the initiative in question, Fields said, because optimism isn't conducive in this case. Many times an unsatisfactory answer to this second question leads Fields and his team back to the first question.

Fields and his team then determine which aspects of the proposed plan can be handled internally. If Ford decides to look for outside talent, then it weighs the benefits of partnerships or even acquisitions. "The key is making sure that whoever we work with, value is created for both partners," Fields said. "Because if it's not, that's not going to last."

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