No, only guest posting is not enough. But the guest posting is good and also we need to do the some other activities to make the links.
Guest posting is creating content and publishing it on another person's website. Blogs are a very popular platform for guest posting. This is a great way to build an online reputation and for a company to get its name out there.
Guest post only is not enough to build backlinks. Beside of that you need to build backlinks from forums, social media sites, wiki sites, directories,...