The first thing to do is to create a virtual environment to install dependencies in and activate it:
$ python -m venv venv
$ .\venv\Scripts\activate.bat
Then install the dependencies:
(venv)$ pip install -r requirements.txt
Note the (venv) in front of the prompt. This indicates that this terminal session operates in a virtual environment set up by venv.
Once pip has finished downloading the dependencies:
(venv)$ cd project
(venv)$ python manage.py runserver
And navigate to http://127.0.0.1:8000/to_do/.