Initialize again should be fine, IF the drives fails again or is not detected quick format the drive & try again, also worth checking the mount is correct in mount manager once finished & rebooted.
If its an old drive or one thats been used for other things before you may need to do a little maintenance to prep it before you can initialize, you may even need to run disk management within Windows to get your PC to detect it to allow formatting but Im thinking of possible problems before they arise!