In a small bowl combine the flour, pepper, salt, onion, powder and garlic powder. Add the cube steak and coat with the flour on each side.
In a medium sized skillet add the olive oil. Over medium high heat add the cube steak and cook for about 3-4 minutes on each side. Remove from the skillet and set aside.
To make the mushroom gravy: Add the olive oil and sliced onions. Sauté for 4-5 minutes and add in the mushrooms until they are tender and mushrooms are golden. Add in the beef broth and onion soup mix and mix until dissolved. Combine the cornstarch and water and whisk in a small bowl. Add to the gravy and mix. Add the cube steaks back to the gravy and let simmer until sauce has started to thicken.