Mix the breadcrumbs with milk in a small bowl and let it sit for 2 minutes until it becomes paste-like. This step matters because it hydrates the crumbs and keeps your beef cocktail meatballs family from becoming tough. Combine the egg, garlic powder, onion powder, salt, pepper, and fresh parsley in a larger bowl and mix well.
Add your ground beef to the egg mixture along with the breadcrumb paste and Parmesan cheese. Gently fold everything together with your hands until just combined—don't overmix or the meatballs get dense. I use my fingertips to fold rather than squeeze, which makes a huge difference in the final texture.
Form the mixture into 24 balls about the size of walnuts, rolling them between your palms. They don't have to be perfectly uniform since they'll cook more evenly if they're similar sizes. I always make mine slightly smaller than I think they should be because they expand a little during cooking.
Heat the olive oil in a large skillet over medium-high heat for about 1 minute until it shimmers. Working in batches, carefully add the meatballs and don't move them for the first 2 minutes—let them get that golden-brown sear on the bottom.
After that initial sear, shake the pan and roll them around for another 2-3 minutes until all sides are deeply browned. Don't crank the heat too high or the outside burns before the inside cooks through. I've learned this the hard way more than once.
Continue cooking for 4-5 more minutes, shaking occasionally, until they're cooked through (internal temperature reaches 160°F with a meat thermometer). Don't panic if it looks like the pan gets a little dark—those browned bits add tons of flavor. Transfer finished meatballs to a plate lined with paper towels while you cook the second batch.