Brown the Beef: - Heat olive oil in a large dutch pot over medium-high heat. Brown the cubed bite size beef to develop flavor. Cook until all the juices have evaporated. Season meat with salt, black pepper, and smoked paprika.
Cook the Onions: - In the same pot, saute diced onions until soft and golden. Add grated carrots, diced red bell pepper and minced garlic. Stir to combine. Cook for about 1 minute until fragrant.
Deglaze & Simmer: - In a small bowl combine the Gulasch package dry seasonings with water according to package instructions and add to the pot. Bring to a gentle simmer.
Slow Cook: - Cover and cook on low heat for 1.5 - 2 hours, stirring occasionally, until the beef is tender. The sauce will thicken a little over time. Adjust salt and pepper to taste.
Serve: - Serve over creamy mashed potatoes and a simple salad on the side. Enjoy!