In the projects root folder, execute:
# create a virtual environment for the python dependencies:
virtualenv venv --distribute
# switch to the virtual environment
source venv/bin/activate
# let pip install the requirements
pip install -r requirements.txt
# collect statics
./manage.py collectstatics
Before working on the project, switch to the virtual environment with
source venv/bin/activate
More information on virtualenv
To get around the readline issues with IPython and MacOS, install readline in your virtual env with
easy_install -a readline