We always use Morton's Chili Blend chili powder (which makes great red enchilada sauce as well). There's nothing fancy about my chili, but when I owned a small cafe a few years back, this sold out everytime I made it and we had to start carrying carry-out containers for soup because of it (of course, being the smart chickie than I am, I made it on days when it was going to be cold and windy).
I use a combination of ground beef (about 85/15) and coarser ground "chili meat" that is just a very coarse ground beef. (Yes, yes, I know, but that is not the worst sacrilege, there's more to come - shhhhhh, these secrets were never revealed to "real chili" people!) I can't make a small batch of chili, but that's fine because it freezes well if my large family doesn't finish it off in a couple of days. So the smallest batch I can make starts with about 6-8lbs of meat, about half and half of each grind, though just hamburger meat will do as long as you mix roughly half 85/15 and the REALLY fatty stuff. Brown that with two large onions, chopped, and if you're ambitious, save the fatty runoff for red enchilada sauce. Otherwise, just drain out "most" of the fat with a ladle - you don't want to drain it completely, chili needs some fat.
At this point, I add about, oh, 1/2 to 3/4cup Morton's chili blend for that much meat, but it could be more - go easy since you're probably not making my huge batch - the 1st important thing to learn is to judge the color correctly. You want this to be nice and dark red/brown, but not brown/black. Then add in enough water JUST until you get an almost "spongy" texture when you press a spoon or ladle on the top of the mix. Here's more chili-heresy... I add about 1/2 to 3/4's of a container of tomato paste, and since that is a thickener, I add in more liquid - but this time it's strong black coffee, to bring it back to that "spongy" texture. (You can make it with all coffee, but I prefer a water/coffee mix.) I also add a good "shot" of white vinegar. Then slowly cook it down, adding more coffee or water if necessary, skimming off fat as it cooks down a bit if it's too fatty.
When I'm making it now, I also add a can or two of chopped green chilies, and if I mess up and add too much water, I'll occasionally use a few shakes of a weird product we have available - "dried" refried bean mix. (Which makes great refried beans, oddly enough.) If I mess up and add too much chili powder, I generally cook more meat and toss it in, or just serve it with sour cream and cheese for the kids. ;-)