Question: How do you resolve the error that says, "Failed to initialize. Try resetting your device or holding the BOOT button while clicking INSTALL raspaudio muse"?
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Answer: There is a chance that the Speaker is not turned on. This happened to me and evidently found out that the switch button was not working as expected. I got a sharp pin and pressed the switch button then slide it to turn it on.
After sliding the button, then I tried to install ESPHome again, and all worked as expected.