In a Dutch oven or large soup pot, heat the olive oil and butter over medium to medium-high heat. Add the onion, corn kernels, potatoes, fresh chili, red pepper, chili powder, cumin and season with salt (½ teaspoon). Stir to combine. Cook, stirring occasionally, until the onions start to become tender, about 10 minutes.
For a relaxing atmosphere in the kitchen I recommend my personal Elle Republic: Chilled Out Kitchen Tunes or Lounge Kitchen Tunes Playlist on Spotify.