Run the following command cp .env.example .env
Environment [DEVELOPMENT, STAGING, PRODUCTION] and SECRET could be changed optionally.
Changing the Environment Mode to anything else would require PostgreSQL db configuration to be updated as well.
As, In DEVELOPMENT mode, sqlite is used as db this is not required

Run virtualenv venv command inside the project directory
Run source venv/bin/activate to activate the environment
If you are using PyCharm, you can do the same thing using GUI

All the dependencies are in requirements.txt file. Run the following command to install them -
pip install -r requirements.txt

Run the following command to migrate changes to the db
python manage.py migrate

python manage.py runserver
or
python manage.py runserver 0:PORT [This requires the BASE_URL in the frontend to be changed]

Fake data can be created by running -
python manage.py create_test_data
1,000 Users, for each user [0 to 10] follow relation and 10,000 tweets with random user would be created
This could be configured by going to core/management/commands/create_test_data.py file and updating the global variables

To access the admin panel, a superuser account is required.
Run the following command to create one -
python manage.py createsuperuser