Arteta was appointed vice-captain to new skipper Thomas Vermaelen following Robin van Persie's £24million switch to Manchester United, who lost 1-0 at Everton on Monday night with the Dutchman starting on the bench.
"We are looking good. We looked really organised on Saturday, just maybe in the final third we didn't take the chances we should have done," Arteta said, quoted on the club's official website, arsenal.com.
"It will take a while because there have been some new players coming in and we are building a new team.
"We have lost some important players too, so we will need some time.
"We know that our new players can make the difference as well.
"We will have to give them a chance to settle into a new place."