diff --git a/esphome/core/component.cpp b/esphome/core/component.cpp
index 1141e4067d..f3d749fe86 100644
--- a/esphome/core/component.cpp
+++ b/esphome/core/component.cpp
@@ -82,7 +82,8 @@ 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: %s", this->get_component_source(), this->error_message_.c_str());
+    ESP_LOGE(TAG, "  Component %s is marked FAILED: %s", this->get_component_source(),
+             this->error_message_ ? this->error_message_ : "unspecified");
   }
 }
 
diff --git a/esphome/core/component.h b/esphome/core/component.h
index ce9f0289d0..c92941b551 100644
--- a/esphome/core/component.h
+++ b/esphome/core/component.h
@@ -302,7 +302,7 @@ class Component {
   float setup_priority_override_{NAN};
   const char *component_source_{nullptr};
   uint32_t warn_if_blocking_over_{WARN_IF_BLOCKING_OVER_MS};
-  std::string error_message_{};
+  const char *error_message_{nullptr};
 };
 
 /** This class simplifies creating components that periodically check a state.