In a large pot, bring 4 quarts of water to a boil. Slice the beef into 2-inch pieces and add to pot; let it simmer for about 20 minutes.
In a large skillet, sauté the carrots, onions and beets in 4 tablespoons of cooking oil. Sauté the vegetables until they are soft (7-10 minutes) and add them into the pot.
Drain and rinse beans and add them to the pot. Simmer for another 15 minutes.
Add in the sliced potatoes to the pot and cook for another 15 minutes.
When the potatoes are nearly done cooking, add the thinly chopped cabbage to the pot. Next, season with salt to taste, ground pepper, vinegar, and ketchup. Let the borscht simmer for 10 more minutes.
Serve the borscht with a dollop of sour cream or mayo. Enjoy!