Initiate the Project

~$ django-admin startproject myproject

This command will create a folder named "myproject" with a python script called "manage.py" in the root, and a subfolder also called "myproject"

Note - I am calling this project "myproject". Obviously you can all it what you want.
The only real consideration is that a folder does not already exist in your current directory with the same name and you do not have any python modules with the same name on your python path.
eg. don't use "datetime", "numpy", "supbprocess" etc...

neil@slim-silver ~$ tree myproject
myproject
├── manage.py
└── myproject
    ├── __init__.py
    ├── settings.py
    ├── urls.py
    └── wsgi.py

1 directory, 5 files