The Official Schematic
This schematic adds an optional LED that shows when the circuit is on. It is shown within the red square. It’s completely optional.
You’re setting the 555 timer IC in a state called monostable multivibrator, or just monostable for short. This is sometimes called a one-shot circuit.
How this works in brief: When the battery is connected to this circuit, pin 2 is set high. When you press the button (which is just a momentary contact switch), pin 2 is set low and pin 3 is set high. Pin 3 turns on the transistor, and in turn the LED.
Note the potentiometer and the capacitor in the circuit. Together they determine how long ...
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