Place a large soup pot on the stove over medium-high heat and add the olive oil. Let the olive oil heat for 2 minutes, then add the diced onion and cook for about 5 minutes until the onions are translucent occasionally stirring.
Next, add the lean ground beef to the pot and cook while breaking apart into small pieces with a wooden spoon. Cook for about 7 minutes until the beef is browned, stirring every couple minutes.
Next, add the chili powder, cumin, brown sugar, tomato paste, garlic powder, salt, pepper, and optional cayenne and stir until evenly combined. Then add in the beef broth, diced tomatoes (with juice), beans (drained), and tomato sauce. Stir until mixed thoroughly.
Bring your chili to a low boil over medium-high heat. Then reduce the heat to low to medium-low and gently simmer uncovered for 30 minutes while occasionally stirring to prevent the bottom from burning.
Remove pot from heat and let the chili rest for 10 minutes before serving. Serve with your preference of toppings such as shredded cheddar cheese, sour cream, chopped red onions, hot sauce.