The 27-year-old was at the crossroads last season when he was out of both the Gunners line-up and the England national team calculations.
However, a change back to the right wing has coincided with three Premier League goals in six matches this term and Walcott is eager to continue that run and compensate the club for the lengthy investment they have made in him.
"I found it difficult last year - coming towards the end of the season I didn't get my opportunities but I was still working hard," Walcott, who joined the Gunners from Southampton back in 2006, told arsenal.com.
"I've worked hard from the back end of last season and I've just continued to do that throughout the whole summer.
"I spoke to many people and it maybe woke up something in my system, I don't know. I am completely different. I just want to be better and better, people have had so much faith in me and I tend to think I need to repay people.
"But I also think I need to do it for myself now. Maybe in the past I was thinking about others and not myself, [but now I want to] get that balance right, to switch back and forth about when to do the right thing.
"At the moment things are great, I am enjoying life and enjoying football. There are always ups and downs, I have been through many of them but for now it is going well."