Despite the Ospreys missing a host of first-teamers to Wales international call ups and an injury crisis, Connacht could not take advantage as teenage fly-half Matthew Morgan finished with a 12-point haul.
It makes next week's showdown against Treviso all the more important and Elwood made it crystal clear that they cannot afford any more sloppy mistakes either in attack or defence.
He said: "We're not in a happy place at the moment. We're putting good phases of play together but then turn it over or are just not finishing the chances. That's frustrating and we need to learn from game to game.
"There are games every week now so you need to take the lesson from one and correct it for the next, so all our attention is on Treviso next week.
"It's tough, but things are never easy here. We targeted this one and we are disappointed to get nothing for our big effort. We just have to dust ourselves down and get ready - it's all we can do. It's our job.
"It's disappointing. We gave away two soft scores and when we got into the opposition '22', we lost the ball six or seven times in contact.
"If you get chances like that, you've got to take them. We have to be more clinical, more ruthless and more physical."
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