// what the machine is sayingIt looked for a system and did not find one.
This is a smaller scope than it seems and frequently much less serious than it sounds.
By the time you see this message, many things have already gone correctly. That includes powering up; passing its self-test; initialising video and RAM; reaching the firmware; and searching for something to start from. All of those steps were successful.
When we say "it failed" we're talking about the very last step: there wasn't anything it had found that would have served as a usable boot loader. This could be due to the fact that the drive itself may be dead; however, it's also possible the boot order was altered, a cable became loose, a USB device was inserted, or the boot files themselves were corrupted on what would normally be considered a fully functional hard drive.
The significant implication: this message says nothing about your files. Boot files will never exceed a few hundred megabytes. Your documents, photos and all other forms of information exist in areas of the hard drive that are completely unaffected if/when the computer will not boot.