Trim all fat from the beef and cut into 1/4 inch slices.

In a bowl, combine cayenne pepper, black pepper, chili powder, garlic powder, onion powder, salt, liquid smoke, Worcestershire sauce, soy sauce, and water.

Add the beef slices to the marinade, ensuring they are fully coated.

Cover the bowl and marinate in the refrigerator overnight.

Remove the beef slices from the marinade.

Line a cookie sheet with foil.

Lay the beef slices on the foil in a single layer, making sure they don't touch.

Dry the beef in the oven at 175 degrees Fahrenheit for 10-12 hours.

Turn the beef slices every 3 hours to ensure even drying.

Prop the oven door open slightly for ventilation during the drying process.

Once completely cooled, store the beef jerky in plastic bags in the refrigerator.