Welcome, RichHomieMace!
I've struggled with a similar problem before:
http://www.tomshardware.co.uk/answers/id-2277602/unable-detect-external-intialize-error.html
1/ Try to 'Safely Remove' the external drive and then reconnect it again, sometimes a simple reset can be the solution.
2/ The error might be because of the drivers on your computer. So I'd advice to try the HDD on another PC/laptop.
2/ Another thing I'd do is check if you have the latest firmware update of your external drive. If it is outdated, it can reflect the performance of your drive.
3/ Can you access the drive through Device and/or Disk Management? If yes, what is the information the tools show about the drive?
4/ Another thing you can try is to check the HDD through Windows' Command Prompt (run it as administrator), type chkdsk x: /r (where x: is the drive letter of your external drive), this will locate bad sectors and recover readable information.
Keep me posted if any of the suggestions worked with you!
Good luck!