in the project root create new virtualenv, install dependencies and do the migrations
for example
python3 -m venv djangoenv
source djangoenv/bin/activate
pip install -r requirements.txt
python manage.py migrate
python manage.py runserver
First create superuser with
python manage.py createsuperuser
Then you can access the admin panel by default from localhost:8000/admin
API-root can be found by default in localhost:8000/universe