Sharing Folders between Windows7 host and Ubuntu Guest in VirtualBox

I'm using Ubuntu as a guest in Windows7 host using VirtualBox. I needed to share folder between the host and the guest. I searched for the solution and found a good link that explains the process. Click here to go the link.  Basically following are the steps to be taken:
1.Share a Folder in Windows7 (Say C:/SharedFolder_Win7) using virtual box's GUI
2. Start or Restart Ubuntu
3. Run following commands :
3.1 sudo mkdir /mnt/SharedFolder
3.2 sudo mount.vboxsf SharedFolder  /mnt/SharedFolder_Win7