First thing to check for with “OS not found” is whether there’s a CD or USB pendrive been left in the machine.
You’ll be prompted to “initialize” the disk if it can’t find an existing partition table on the disk. Initialising will create a new, blank partition table. Ie, all other things being equal, you’ll lose all the data on the disk. So don’t do that.
There are a number of reasons why it might present like this, not all of which indicate an inherent fault with the drive. I think what I’d do is put it back where it came from and see what I could see from a Linux live CD.
Harsh I know, but I have little to no sympathy to those that don’t maintain backups, at the very least an occasional copy of stuff to an external HDD.
It is harsh, but given the frequency at which this question gets asked, I’m right there with you. It must crop up at least once a month if not once a week, and this is a mountain bike forum.
Data recovery is difficult, time-consuming and expensive. Backups are trivial. Cougar’s Second Law of IT: Save regularly, save often.