The 5-part elevator pitch formula: 1) 'I help' + specific prospect description, 2) 'who' + specific problem, 3) specific result/benefit, 4) convenience factor, 5) engagement hook question

Eben provides the complete formula breakdown: 'starts with the words I help... describe our specific prospect... you're going to say the word who... describe the specific problem... what you're going to help them achieve... add convenience... create a hook.'