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