I want to set up Time Machine for my Macbook pro but I already have files on my seagate hard drive. Will i lose them if i set up time machine on it ?

So i have a 2 TB Seagate time machine. I had an older laptop that I had transfered things from onto that about 2 years ago. My current macbook has been acting up so i want to set up time machine. Will i lose everything on the hard drive if i try to set it up as time machine now?
I read about partioning it.. but Im still scared i will lose what is  on it?
My macbook is about 2 years old running OS.X 10.9.1
Please advise.

Partitoning can be done on the fly.
However TimeMachine works best if it is Partition 1.
If you formate and repartition then yes you lose everything.
How about getting another drive.

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