Understanding the React component lifecycle is essential for any React developer, as it allows them to control how their components behave throughout their existence. The lifecycle can be divided into three main phases: Mounting, Updating, and Unmounting.

During the Mounting phase, components are created and inserted into the DOM. Key lifecycle methods in this phase include constructor(), componentDidMount(), and render(). When a component's state or props change, React triggers the Updating phase, where essential methods like componentDidUpdate() come into play. Finally, the Unmounting phase occurs when a component is removed from the DOM, triggering the componentWillUnmount() method to clean up resources.

Mastering Props and State in React is crucial for building dynamic and responsive web applications. Props, short for properties, are read-only attributes passed from parent to child components, allowing for data flow and component customization. This helps in maintaining a clean separation of concerns in your code. On the other hand, State is a local data storage that enables components to manage their own data and trigger re-renders when updated. Understanding the lifecycle of State and Props is key to optimizing React applications and ensuring efficient rendering.

Here are some tips and tricks to effectively manage Props and State in your React projects:

1. Use PropTypes: Ensure your components receive the correct props by leveraging PropTypes for type checking.
2. Lift State Up: When several components need access to the same state, consider lifting state up to the closest common ancestor to enable sharing.
3. Controlled Components: Manage form data by using controlled components that rely on State to keep form inputs in sync.
4. Use Hooks: Embrace the power of React Hooks like useState and useEffect to simplify your component logic.

Building a dynamic component with React requires a good understanding of its core concepts, such as state and props. To get started, you should first set up a basic React application using Create React App. Once your environment is ready, create a new functional component where you can manage the component's state using the useState hook. This will allow you to create interactive UI elements that can change based on user input. For example, you could implement a simple counter component that increments or decrements a value based on user clicks.

Next, you will want to enhance the functionality of your dynamic component by incorporating event handlers and possibly useEffect for side effects. This step can include fetching data from an API and updating the component state accordingly. Here’s a quick checklist to keep in mind as you develop your dynamic component:

1. Set up your state using useState.
2. Define event handlers for user interactions.
3. Use useEffect for any necessary side effects.
4. Style your component for improved user experience.