diff --git a/esphome/core/component.cpp b/esphome/core/component.cpp
index a6224a17c0..b20964b872 100644
--- a/esphome/core/component.cpp
+++ b/esphome/core/component.cpp
@@ -79,7 +79,7 @@ void Component::call_setup() { this->setup(); }
 void Component::call_dump_config() {
   this->dump_config();
   if (this->is_failed()) {
-    ESP_LOGE(TAG, "  Component %s is marked FAILED", this->get_component_source());
+    ESP_LOGE(TAG, "  Component %s is marked FAILED: %s", this->get_component_source(), this->error_message_.c_str());
   }
 }
 
@@ -162,6 +162,8 @@ void Component::status_set_error(const char *message) {
   this->component_state_ |= STATUS_LED_ERROR;
   App.app_state_ |= STATUS_LED_ERROR;
   ESP_LOGE(TAG, "Component %s set Error flag: %s", this->get_component_source(), message);
+  if (strcmp(message, "unspecified") != 0)
+    this->error_message_ = message;
 }
 void Component::status_clear_warning() {
   if ((this->component_state_ & STATUS_LED_WARNING) == 0)
diff --git a/esphome/core/component.h b/esphome/core/component.h
index e6ed55efb7..f5c56459b1 100644
--- a/esphome/core/component.h
+++ b/esphome/core/component.h
@@ -118,6 +118,11 @@ class Component {
    */
   virtual void mark_failed();
 
+  void mark_failed(const char *message) {
+    this->status_set_error(message);
+    this->mark_failed();
+  }
+
   bool is_failed() const;
 
   bool is_ready() const;
@@ -279,6 +284,7 @@ class Component {
   uint32_t component_state_{0x0000};  ///< State of this component.
   float setup_priority_override_{NAN};
   const char *component_source_{nullptr};
+  std::string error_message_{};
 };
 
 /** This class simplifies creating components that periodically check a state.