Text Design in Photoshop

Choose File > New and in the name box, type 05initials. Put “custom” on Preset, width and height should be 3 inches both. The resolution should be 300 pixels/inch.
Select Horizontal Type Tool and type out your initials.
Then choose Layer > Type > Convert to Shape. And click the Path Selection Tool.
Hold down shift and click on both of your initials. Then click on the Ellipse Tool. Make sure the Shape layers button is selected in the options bar.
Make your initials look like a Swiss cheese with various sizes of holes through the initials.
Choose Edit > Define Custom Shape and type your initials and click OK.
Click Custom Shape Tool in the options bar.
Also click the Shape: box to access the Custom Shape Picker.
Select the initials shape you just added to the Custom Shape Picker. Click the Custom Shape Tool button in the options bar to close the Custom Shape Picker.
Click the Create new shape layer button on the options bar,
Using the Custom Shape Tool, add more images of your initials.
Using the Styles palette, add a different style to each of your custom shapes.
Save your final product. Manoj

Steps are nice Manaj but I also want you to analyze your results.