This solution worked for me in Windows 7x64 SP1 with Python 2.7.13-64bit and QGIS 2.14.9x64 standalone install (important: Python and QGIS architectures must match). This solution involves virtualenv (install instructions) which means you won't need to play with Python environment variables which can be tricky if you're doing other Python development with different versions of Python.
Editing Path
Edit the PATH variable by going to Control Panel>System>Advanced system settings then click on Environment Variables in the below window.

Edit the PATH User Variable and add ;C:\Program Files\QGIS Essen\bin\;C:\Program Files\QGIS Essen\apps\qgis-ltr\bin, note the version Essen as well as the use of qgis-ltr\bin here. The latter was necessary in order for Python to be able to find the qgis_core.dll.
Create a Virtual Environment
Create a new virtual environment in the command line: virtualenv qgisenv -p "C:\path\to\Python27.exe" specifying the Python 2.7 location. Note this will create a folder for your virtual environment, you should put any projects you develop in here.
Next add paths to the installed QGIS python libraries to the virtual environment's site-packages folder using .pth files. For example in QGIS 2.14.9 python packages can be found at the following locations (why?), so create a file qgisenv\Lib\site-packages\qgis.pth with:
C:\Program Files\QGIS Essen\apps\qgis-ltr\python
C:\Program Files\QGIS Essen\apps\Python27\
C:\Program Files\QGIS Essen\apps\Python27\Lib\
C:\Program Files\QGIS Essen\apps\Python27\Lib\site-packages
C:\Program Files\QGIS Essen\bin
C:\Program Files\QGIS Essen\include
C:\Program Files\QGIS Essen\apps\qgis-ltr\bin
this list can probably be shortened
Activate Environment and Test
Back in the Command Prompt cd into the qgisenv directory and activate the virtual environment with Scripts\activate
Then open a python console and type
>>> from qgis.core import *
And you should be good to go!
How to use an IDE?
If you use anaconda and Spyder, you could use conda to set up the environment and then call spyder after activating the environment. Other IDEs might have the option of setting a virtual environment from the settings.
Specifically: From the Select packages screen, select the following for installation: Desktop -> qgis: QGIS Desktop Libs -> qt4-devel (needed for lrelease/translations) Libs -> setuptools (needed for installing pip)
– Alexander Feb 19 '16 at 15:43