Wolves host second-place Manchester City on Sunday.
O'Neil said on Friday: "I understand one point from seven isn't good enough and we need to prove we are better than that. That tipping point will come soon.
"We can't sit here forever and say we've had tough games and lost a couple of important players in the summer.
"Now what? Come on then, let's go. At some point it's going to come and we need to get it going."
He continued: "It would be unrealistic of me to think everyone outside of here will have a real detailed look at how we played and the numbers.
"Look at the league table, we've got one point from seven and everyone starts panicking would be the reaction I would expect outside of here.
"Points-wise it has been very bad. We sit here now, seven games in with one point, and if you don't look into the depths of how and why then it sounds like a disaster.
"I have 100% faith myself and the playing group will show everyone we are more than capable of competing at this level but the longer it goes on the more urgent it becomes."