Season the meat with 1.5 teaspoons salt, the garlic powder, and the onion powder.
Heat a dutch oven or heavy pot over medium heat and add 2 tablespoons of the butter.
Brown the meat in batches. Be sure to add only one layer at a time and avoid stirring until you can see that the meat is searing on the bottom. Place meat onto a plate and continue to brown the meat in batches. Reduce the heat to low.
After the meat is all browned, add your chopped onion and garlic to the pan along with 2 tablespoons of the butter and 1/2 tsp salt. Place a lid on the pan and allow to cook 3-5 minutes. Stir occasionally while scraping the browned bits of the bottom of the pan.
Add back in your browned meat, the bay leaf, worcestershire sauce, and the beef broth.
Simmer the meat and broth on low about 45 minutes until the meat is tender. This time could vary depending on the cut of elk you are using.
After the meat is tender, add your diced potatoes and carrots to the pot. If you would like to add any other vegetables, add them at this point as well.
Simmer on medium/low about 25-30 minutes until the carrots are tender.
If you would like to thicken the stew, mix the cornstarch with the water in a small cup. With the stew still simmering, pour about half of the cornstarch mixture into the stew while stirring. If you would like the stew to be thicker, continue adding until it has thickened to your liking. Remove bay leaf before serving and enjoy!