Jason Schappert has recently created and posted a short video covering an engine failure after take-off when there is still some runway left under the aircraft. His major points included getting the nose down, bleeding off some of that air speed before trying to get the wheels on the ground and not hesitating to hit those breaks once back on the ground. Finally, Jason suggested that pilots should consult the manuals for their individual aircraft for further and more specific advice and suggestions.
In addition, Patrick Flannigan added an important comment that pilots should always know the area around their home airport. In other words, know where all of the open fields and other potential landing spots are and plan what you will do in the event of an emergency so that it comes naturally to you if something should ever go wrong.
Thanks for mentioning my comment John!