What should a pilot do in the event of an engine failure during takeoff?

In the event of an engine failure during takeoff, the correct response is to continue the takeoff if below V1. The V1 speed is a critical point during the takeoff roll, representing the maximum speed at which a decision can be made to abort the takeoff safely. If the aircraft is below V1 and an engine failure occurs, the pilot has the option to abort the takeoff, as there is sufficient runway remaining to stop the aircraft.

If an engine failure happens after V1, the pilot must continue the takeoff because attempting to abort could result in loss of control or inadequate runway length to stop safely. This action is part of a pilot's training, emphasizing the importance of adhering to the V-speed parameters to ensure safety and effective decision-making during critical phases of flight.

The other options do not align with standard procedures for engine failure during takeoff, as they either suggest actions that cannot be safely executed depending on the aircraft's speed relative to V1 or imply mismanagement of the situation when proper adherence to training protocols is necessary.