In a large skillet, heat the olive oil over medium-high heat. Once the oil is glistening, add the ground beef and chopped onion. Cook and crumble the beef for about 8 minutes or until fully cooked. Stir in the chili powder, paprika, cumin, garlic powder, red pepper flakes, and salt. Pour in ¾ cup water, reduce the heat to medium-low, and let simmer for about 10 minutes, or until the mixture thickens slightly. Continue to keep warm over low heat.