This error is really driving me crazy. (Terminal running in administrator mode)
Initialization of azure storage emulator in sql server 2014:
C:\\Prog
For me there was nothing running on the needed ports, the issue was that Visual Studio was not started in Administrator mode so the process couldn't be started.
When I went to the Azure Storage Emulator CLI from "Start" that launches a command shell that is also not in Administrator mode which obviously produces the same result.
Opening a command shell in Admin mode did the job.