I think by far the easiest way with this type of problem is to trace the photo. Attached is a file with two options. I used Inkscape Path>Bitmap Trace using the default options that appear on the drop down window. If you are thinking of creating something other than your photo, ie with different letters, Cleversomeday's suggestion is the only way, as far as I am aware. It is perfectly possible to draw each of your letters but this will take time and a degree of expertise, both of which you may have.