Les Aiglons secured a 2-0 victory over Lyon at the Allianz Riviera on Friday, their seventh league triumph in nine matches this season, and they are also the only unbeaten side in the division.
Nearest rivals Monaco slumped to a 3-1 defeat at Toulouse on Friday but despite their strong start to the season, Favre is refusing to get too carried away.
He told L'Equipe: "We are enjoying it, but we are maintaining our philosophy of taking things match by match.
"Nice are the only undefeated team which is good but no more. The championship is very long. It is good we are first and we have started the competition well, but we must keep working."
Favre's men are next in action when they take on Salzburg in the Europa League on Thursday before they turn their attention back to Ligue 1, with an away game against Metz on October 23.